CESCs 3QFY17 result was ahead of our estimates led by Ind-AS adjustment on contribution from customers (Rs 410mn) and higher merchant sales (35 MUs vs. 7 MUs QoQ). These gains were partly negated by the WBERC order disallowing recovery of a negative bid on its captive mine. Consequently, PAT at Rs 1.5bn grew marginally by 5% YoY.