NTPC's adjusted net sales surged 3.9% yoy in 2QFY17, in-line with our estimate, owing to ~9% growth in regulated equity on the back of commissioning of new capacity, partly offset by lower other income and PLF incentives. Its EBITDA rose by 31.1% yoy owing to improved operating margins (488bps), while PBT surged by 40.9% yoy owing to better operating performance. However, reported PAT dipped by 17.9% yoy to Rs24.9bn due to adjustment of I-T refund worth Rs11.9bn in 2QFY16. Though its power plants continues to remain under pressure with decline in PLF due to lower system demand and fuel issues, we expect better operating performance on...