Aided by higher capitalisation and better execution, Power Grid Corporation of India's (PGCIL) revenue surged by 29.4% yoy to Rs60.6bn in 1QFY17 topping our estimate of Rs 57.6bn. While PAT spiked by 35.5% yoy to Rs18.1bn, reported EBITDA rose by 40 bps yoy to Rs54.1bn. With huge capex in the pipeline, we believe that PGCIL's fundamentals would continue to remain strong supported by least exposure to operational risks i.e. fuel and SEBs' weak financials. Hence, we continuing to remain positive on PGCIL, we reiterate our BUY recommendation...