ICICI Securities Ltd | Retail Equity Research Sadbhav Engineering's (SEL) topline grew 17.0% YoY to | 944.4 crore (our expectation: | 938.1 crore) led by strong execution The EBITDA margin expanded 50 bps YoY to 11.3%, led by lower construction expenses (78.7% as a percentage of sales in Q1FY18 vs. 82.0% in Q1FY17). It was above our estimate of 10.7% Net profit grew 13.8% YoY to | 55.4 crore (our expectation: | 48.9...