NTPCs 3QFY17 recurring PAT of Rs 22.4bn was in line with our estimates. Pan-India coal PAF for 9mFY17 stands robust at 90.3% (vs 90.8% YoY), leading to negligible under-recovery in fixed costs. Commissioning of new capacities (thermal and solar) led to the increase in power generation ( 1% YoY) despite a drop in coal PLF?s (-100bps, 77.2%). Coal imports have substantially reduced (0.12 mmt vs 1.9 mmt YoY).