NTPC reported 186bps higher operating margins to 26.6% yoy on lower operating expenses. NTPC posted Rs24.9bn net profit, down 18.9% yoy above our expectation of 29.1%. PAT was lower due to weak demand, lower PLF and reduced other income. Taxation was lower since quarter included income tax refund related to previous years (Rs4,144mn). After adjustment of one-off items, PAT came to Rs20.6bn in 3QFY16...