Maintain NEU with TP of Rs 305 (20x SEL's consol Sept-19E EPS). Suprajit Engineerings (SEL) consol 2QFY18 result was in-line with estimates. Net sales came in at Rs 3.36bn (+19%YoY), led by 8% growth in the standalone business, 7% growth in PLLs business and incremental revenue of Rs 513mn from Wescon. Consol EBITDA was at Rs 560mn (+19.4% YoY), with margin at 16.6% (flat YoY, +238bps QoQ), led by expansion in margins in the standalone business (+100bps YoY).