NHPC reported lower than expected Q3 results but long term visibility continue, attractive divividend Yield – BUY. NHPC’s 3QFY19 standalone (S/A) PAT of INR1.8b (our est. of INR4b) declined from INR6.9b in 3QFY18, due to prior period employee pay revision charge of INR1.9b, lower other income, and lower regulatory reserve. On underlying basis the performance was steady.