Profit +34% YoY as margins expand but order inflows decline L&T; delivered 34% growth YoY in 2QFY18 consolidated net profits, driven by a) EBITDA margins expanding to 9.74% (adj for one-offs) vs. 9.2% last year and b) 6% revenue growth that was muted by GST issues. Order inflows (OI) fell 8% YoY to INR 287bn, although its order book (OB) at INR 2.6trn (+2% YoY) remains healthy at c.3x FY17 sales. Management has cut its FY18 OI guidance to flattish/marginal growth vs. 10%-12% earlier, given the spillover of large Indian infra/defence orders into FY19. However management maintained guidance of 12% revenue growth and 25bps YoY margin improvement. L&T;'s order basket for FY18-FY19 remains strong with INR 3trn from Indian infra/T&D;...