yoy, driven by 21% yoy growth in Energy Management (EM) and 14% growth in Digital Factory(DF). EBITDAM increased by 102bps to 11.2% and APAT increased by 19% yoy. Order intake improved by 2.1% yoy to Rs 32.6bn. Order flows continue to be driven primarily from digitalization and infrastructure projects. Despite consistent growth in order inflows, the order backlog of Rs132bn (~1xFY2018E sales) is not adequate for revenue visibility. SIEM would have to report strong order flows in the next 3-4 quarters to maintain its revenue and profitability growth trajectory in FY19E and FY20E. We downgrade FY18/FY19 EPS estimates by 1% each to factor in lower revenue...