Earnings Growth Continues to Remain Robust on High Order Book Led by a strong 74.0% YoY growth in infrastructure business, standalone revenue of Kalpataru Power Transmission (KPTL) grew by 12% YoY in 4QFY17, lower than our estimates, as the Company faced some execution challenges in Power T&D; business. Aided by lower interest cost (-13.8% YoY), its PAT grew by a strong 33.5% YoY to Rs896mn with PAT margins growing by 110bps YoY to 5.9%. At subsidiaries level, while JMC's revenue grew by 6.0% YoY (with 8.5% margins), Shree Shubham Logistics (SSL) reported 79% YoY decline in revenue led by record lower utilization levels. SSL's net loss widened to Rs600mn vs. Rs242mn in 4QFY16. KPTL is likely...