NHPCs results highlight the benefit of higher generation and the low base of the previous year. Capex run-rate is expected to increase on account of investment in new projects. However, their commissioning remains 4-5 years away, implying NHPCs standalone PAT more than doubled YoY to INR4.0b (from INR1.8b in 3QFY19; in line with our estimate of INR4.0b) off a low base. The previous year included the impact of regularization of pay scales (INR1.9b). noted while Dibang is still in the initial stages, capex would be required for providing access to the site such NHPC highlighted the current quarter also included provisioning of INR0.6b for PRP given incremental profits. Capex run-rate, on the other hand, is expected to increase as the company is investing /exploring new projects which will reduce FCF and drag RoE over the near term. Capex guidance for NHPC noted the current quarter was impacted by INR0.6b on account of.