Maintain NEU with a revised TP of Rs 306 (20x SEL's consol Jun-19E EPS) Suprajit Engineerings (SEL) consolidated 1QFY18 result came in below estimates, with PAT at Rs 226mn (+7% YoY), led by lower operating efficiencies. Revenue witnessed a jump of 27% YoY to Rs 3.2bn, while EBIDTA margin contracted sharply to 14.3% (-290bps YoY, -360bps QoQ).