NTPCs 4QFY16 recurring PAT at Rs 28.7bn (6%YoY growth) was significantly ahead of estimates and consensus. The beat was largely on account of (1) Better-than-expected other income, driven by the dividend from group companies (Rs 1.3bn), and (2) Improved profitability owing to lower fuel cost (boosted by reduced cost of Rs 2.5bn after revised RasGas deal).