Adj. PAT (from continuing ops) at INR4.3b (previous year: INR2.3b) was 19% ahead of our est. of INR3.6b. The beat on our estimates was led by a better performance from the MundraCoal JV hedge. Excluding INR3b in one-time benefits at Mundra, the Mundra (EBITDA) and Coal JV (PAT) came in at INR5b (v/s INR4.8b in 1QFY21) and above our est. of INR4.4b. This was attributable to Mundra performing better than our expectations the company restricted generation, leading to lower underrecoveries on fuel. Solar EPC revenues jumped ~5x YoY to INR19.5b on a strong order backlog...