Maintain Adj. for one-offs and FC u/r, NTPC's S/A PAT came in at INR33.0b (4% up YoY and 8% higher than our est. Reported PAT, however, came in at INR12.5b (down 71% YoY) given the the Vivad se Vishwas scheme and b) INR8b impact on account of adj. Overall, FY20 JV profit declined to INR4b in FY20 v/s INR6.7b in FY19 on account of losses at NTPC expects capitalization momentum to continue and targets ~5.9GW for commercialization in FY21. We remain conservative and build-in commercialization of 3.6GW Muted power demand, coupled with production ramp-up at Coal Indias mines, has led to an increase in coal stocks at power plants. However, production at these mines has improved, leading to recovery in coal stocks at For FY20, FC u/r stood at ~INR2.5b (v/s INR8b in FY19). This provides strong With the pickup in capitalization, which was partly hampered due to coal availability issues, we expect a regulated equity CAGR of ~12% over FY2023.