Sanghvi Movers (SGM) delivered a robust 2QFY16 performance as revenues/EBITDA were ~19/23% above our estimates, on account of increased crane utilisation rates of ~80% (~79% in 1QFY16) and yields of ~3.05% (~2.86% in 1QFY16). EBIDTA margins expanded by ~351bps QoQ to ~69.2% (~218bps above our estimates), driven by lower other expenses and employee costs.