Improved Project Execution Lifts Earnings; Maintain BUY KEC International (KEC) has delivered a healthy performance in 3QFY18 with its revenue rising by 22.5% YoY to Rs24.0bn led by diminishing impact of GST. Consolidated net profit surged by 78.5% YoY to Rs1.1bn in 3QFY18 on the back of improved execution of T&D; projects and higher operating margins. Looking ahead, we expect KEC's earnings to clock 26.9% CAGR over FY1720E on the back of strong order book, improving margin profile and healthy outlook in T&D; and other emerging segments. Thus, maintaining our positive stance on KEC and rolling over our estimates to FY20E, we maintain our BUY recommendation on the stock with a revised Target Price of Rs445 (from Rs372 earlier)....