Owing to healthy return ratios, coupled with the GE technology/brand, and post the recent price correction, we upgrade to BUY with a TP of Rs 147/sh (30x Jun-19E EPS). Triveni Turbines (TRIV) 1QFY18 revenue declined 23.2% YoY. This was on the back of a malware attack leading to lower exports and GST-led deferrals in the domestic market. Increase in operating costs (+470bps YoY) for setting up service centres led to ~470bps decline in EBITDA margin at 15.8%. APAT declined 56.1% YoY to Rs 96mn. Order booking improved 41% YoY to Rs 2.2bn, resulting in a closing order book of Rs 7.3bn (+10.5% YoY; 14.8% QoQ).