Robust Earnings Visibility on High Order Book Led by better execution in T&D; business, standalone revenue of Kalpataru Power Transmission (KPTL) grew by 24% YoY to Rs14.17bn in 3QFY18. Following the negative impact of GST on revenue in earlier quarters, revenue from T&D; increased by 12% YoY owing to healthy execution. Notably, revenue from Railways and Piping business grew by 65% YoY and 150% YoY, respectively. Aided by lower interest and depreciation cost, and marginal improvement in operating margin, KPTL's PAT grew by 30.1% YoY to Rs752mn. At subsidiary level, JMC's revenue grew by 29.0% YoY to Rs7.0bn owing to improved project execution. Further, led by higher utilisation levels (82%), Shree...