Reiterate BUY with TP of Rs 245/share (15/15/25x Jun-19E EPS for Engineering / Infrastructure / Polymer business). Skippers 1QFY18 results came in ahead of our estimates on back of dispatches of undelivered inventory in the Engineering segment, held at the beginning of the quarter. Revenue grew 40% YoY led by growth in the Engineering segment (+42% YoY). Polymer segment registered a mere 3% growth on the back of GST transition. EBITDA margins stood at 12.9% (-90bps YoY). APAT grew 52% YoY to Rs 160mn. Order inflow stood at Rs 3.6bn, resulting in an order backlog of Rs 26.4bn (+10% YoY), providing comfort to our revenue estimates for FY18/19E.