Capex run-rate is expected to increase on account of investment in new projects. However, their commissioning remains 4-5 years away, implying FCF/RoEs dragging in the near term. Maintain Neutral with TP of INR23. Profits in line as lower other income offsets modest generation growth NHPC's S/A PAT declined 3% YoY to INR13.0b (v/s est. INR13.3b) on account of lower other income. Other income was down 15% YoY to INR4.3b. Generation was up 4% YoY to 9.4BU in 2QFY21 based on data available at...