U/r in 2QFY20 was on account of coal availability issues at Talcher/Sipat and capital overhaul at Farakka. NTPC expects to recover FC in 2HFY20 and plans to supply imported coal to plants facing continued shortage. Given the rise in over-dues, NTPC has booked late payment surcharge income of INR6.5b. Share of JV PAT stood at INR1.2b (v/s INR1.4b in 2QFY19). Current receivables were elevated at Even if the late payment surcharge and related interest costs were adjusted, we believe that NTPCs underlying numbers are strong and reflect the benefit of FY20- 24 tariff regulations. Farakka witnessed issues to capital NTPC has awarded tender for importing 6.5mt of coal. NTPC has booked late payment surcharge income of INR6.5b. Post implementation of its LC mechanism; company has received timely Over-dues >45 days now stand at INR70-75b.