DSM regulations, low GCV coal loss impacts profitability Expect capitalization to pick up pace Standalone (S/A) 1QFY20 adj. PAT decreased ~9% YoY to INR27b (14% miss on our est.). PAT has been adjusted for est. INR1.1b under-recovery (u/r) of fixed charge (FC) for this quarter. The miss is due to an impact of DSM regulations (~INR1.5b), carpet coal loss (~INR1.5b) and tax leakage on change in deferred tax recognition. Reported PAT, though, was up ~1% YoY to INR26b on lower FC under-recovery and higher other income, which jumped 2.4x YoY to INR3.3b on accrual accounting of...