SEL reported 4QFY17 RPAT beat of 64%, led by strong revenue growth (20.4% YoY). Revenue is expected to ramp up further, as execution of three (out of seven) HAM projects has begun, two more projects will start contributing from 2QFY18E and the balance two by 3QFY18E. SELs net debt has increased to Rs 16.3bn ( Rs 2.7bn QoQ), as it paid Rs 1.6bn mobilisation advance to NHAI.