Earnings Continue to Remain Robust on High Order Book Despite GST headwinds, Kalpataru Power Transmission (KPTL) managed to report 7.0% YoY revenue growth in 2QFY18, in line with our estimate. Aided by lower interest cost, depreciation cost and marginal improvement in operating margins, KPTL's PAT grew by 23.7% YoY to Rs715mn. Revenue from railway and pipeline business grew by 50% YoY and 24% YoY respectively. However, T&D; segment reported a slower 4% YoY growth owing to execution challenges. Its overall operating profit grew by 8.9% YoY to Rs1.3bn, while EBITDA margin expanded by 20bps YoY to 10.9% owing to cost rationalisation, productivity enhancement...