PTC India reported standalone EBITDA of Rs. 141 crore (up 7.1% y-o-y; up 38.4% q-o-q) that was above our estimate on account of higher surcharge income and lower operating expenses. Power trading volumes declined by 1.5% y-o-y to 21,812 million units due to a decline in volumes from short-term contracts, while gross margins (including surcharge and rebate) increased by 12.1% y-o-y to 7.43 paisa per unit. Decent growth outlook for power trading volume given operationalisation of new medium term PPAs; draft regulations...