Higher PBT Aided by Better Operating Margins: On account of higher PLF and lower fuel cost, NTPC's operating margin rose by 667 bps to 27.3%, which led to higher PBT (+65.9% yoy) to Rs30.7bn. Reported PAT increased by 4.1% yoy to Rs23.4bn, as PAT for 1QFY16 (Rs22.43bn) included I-T refund worth Rs8.41bn. Notably, effective tax for 1QFY17 stood at 23.0% vs. negative tax rate of 22.7% in 1QFY16. PBT adjusted for...