Techno Electric & Engineering (TEEC) has reported a strong performance in 1QFY18. Its PAT surged by 48.7% YoY to Rs690mn, as execution of several projects was advanced in view of GST rollout. Driven by robust EPC business, TEEC's net sales rose by 52.2% YoY to Rs4.1bn. We continue to remain positive on TEEC owing to its presence across entire power sector value chain and robust revenue visibility backed by strong order book and lower execution risks. Considering strong order book, likely ramp-up in T&D; capex, robust FCF generation and high EBITDA margins, we maintain our BUY recommendation with an unrevised Target Price of Rs431. Better Segmental Performance EPC Revenue Surges to Rs3.68bn EPC revenue grew by 59.3% YoY to Rs3.68bn, while segmental EBIT margin increased by 190bps...