MSL Q2FY18 PAT declined 12.5% YY despite significant growth in revenue due to execution of low margin legacy orders. EBITDA margin contracted YY due to 1/ booking of low margin legacy orders and 2/ high base of Q2FY17. We consider that this is a quarterly aberration and maintain our FY19 earnings estimate. We believe that MSL valuations can get rerated on back of strong growth in company's estimated consolidated profits through FY17-19E driven by 1) recovery in demand for seamless pipes in the domestic/international market and 2) imposition of anti-dumping duty on Chinese imports would lead to demand...