Aided by higher capitalisation and better execution, Power Grid Corporation of India (PGCIL) has topped our estimate on revenue front in 2QFY17, which surged by 28.5% yoy to Rs62.2bn vs. our estimate of Rs 61.0bn. Driven by superior operating efficiency, PAT spiked by 32.8% yoy to Rs18.7bn, while reported EBITDA rose by 190bps yoy to Rs56.0bn. As we believe that PGCIL's fundamentals would continue to remain strong supported by least exposure to operational risks with huge capex in the pipeline, we continue to remain positive on PGCIL and reiterate our BUY...