Power Grids (PWGR) 3QFY17 PAT at Rs 19.3bn ( 19.6% YoY) was marginally ahead of our estimates, led by 71%/42% YoY growth in Consultancy/Telecom EBIT. Core T&D performance was in line with our estimates. Capex/capitalisation for 3QFY17 stood at Rs 52/68bn. While 9mFY17 capitalisation stands low at Rs 160bn, the same has improved significantly in 4QFY17 (Jan-17 YTD capitalisation stands at Rs 207bn). Consequently, we maintain our estimate of Rs 300bn capitalisation in FY17E.