In line with our estimate, NTPC's net sales declined 6.2% yoy on the back of lower electricity generation, PLF and fuel costs and reduced variable charges. Despite 14.4% yoy rise in PBT due to improved operating margins, the Company's net profit declined 7.7% yoy to Rs27.1bn in 4QFY16 owing to adjustment of I-T refund in the previous years. Operating parameters of NTPC's power plants remained under pressure with decline in Plant Load Factor (PLF) due to lower system demand and fuel issues. We believe that regulatory overhangs and lower PLF have already been factored in at low valuations of 1.1x FY18E P/BV which makes us fundamentally...