NTPC has delivered an improved performance on key operational metrics in 3QFY17 with EBITDA and pre-tax profit rising by 9.3% YoY and 9.8% YoY, respectively. Net sales surged by 10.9% YoY owing to higher realisation and ~8% growth in regulated equity led by commissioning of new capacity. In line with our expectation, its reported PAT dipped by 7.5% YoY to Rs24.6bn due to higher effective rate (19.7% in 3QFY17 vs. 4.3% in 3QFY16). However, adjusted PAT grew by 8.5% YoY to Rs22.4bn in 3QFY17 vs. Rs20.6bn in 3QFY16. Despite decline in PLF led by lower system demand and fuel issues, we see further improvement in business dynamics owing to higher...