APAT at Rs242mn was significantly better than our estimates of a loss of Rs777mn. Adjustment to earnings includes Rs 500mn insurance claim booked for Vishnuprayag HEP. The surprise in the earnings was mainly due to better than operating performance at Nigire where we were expecting a loss of Rs2.2bn vs actual loss of 1.5bn. This was mainly due to commencement of the mining activity at Amelia coal block, which also reflected in the lower fuel cost during the quarter at Rs1.6bn (-47% qoq). The change in the fuel source also impacted the operations of the plant. Nigire TPP was shut for 20 days and was working at reduced capacity...