Looking ahead, we expect SPL's operating performance to improve, as the price of coking coal is expected to stabilise from 2HFY18E onwards. Moreover, the government's thrust on improving water infrastructure through multiple schemes offers greater order inflow visibility for SPL. Further, ~75% market share in Southern & Western markets augurs well for SPL, as the industry enjoys strong entry barriers for being capital intensive having long gestation period. Thus, we maintain...