Kalpataru Powers (KPP) 4QFY17 revenue came in below our estimates, with growth at 12.5% YoY. EBITDA margin improved 40bps to 10.8%. Aided by lower interest cost (-20.1% YoY), APAT registered a strong growth of 33.5% YoY to Rs 876mn (in-line with estimates). Order inflows improved substantially to Rs 28.5bn, post a muted 3QFY17.