primarily due to lower margin in SMP (5.3%, down 100bp yoy) on account of startup costs. Consolidated revenues are expected to grow at 23% (CAGR) over FY17-19E, led by robust growth in standalone operations, healthy orderbook in SMP/SMR and PKC acquisition. EBITDA margin is likely to improve by 110bp over FY17-19E, led by higher margins in overseas businesses (SMP, SMR, PKC). We recommend BUY with TP of...