JKILs 4QFY17 net revenues/EBIDTA/APAT, came in ~11/17.1/26.3% below our estimates respectively. Delay in shifting of utilities in JNPT/Metro projects impacted execution. The balance sheet remained stable, with net debt at Rs 3.5bn and net D/E at 0.25x vs Rs 4.7bn and 0.34x during 3QFY17.