Excluding impact of GST, KEC International reported a strong set of Q2FY18 numbers. Key positive takeaways were strong execution in international T&D; business, traction in railways business coupled with higher-than-expected EBITDA margins and muted finance costs that drove profitability despite some disappointment in revenues Topline increased 2.8% YoY to | 2132.2 crore, below our estimate of | 2229 crore. Had it not been for the impact of GST, revenues would have grown ~7% YoY. KEC reported strong growth in railways...