Fiem Industries reported good Q3FY18 result, as revenue and Net profit increased by 21.9% and 39.6% respectively yoy. Automotive segment reported healthy growth, whereas LED Luminaries segment continued to disappoint. We are positive on the two wheelers and four wheelers auto segments and expect double digit growth over the next 2-3 years. Fiems foray into LED lamps would drive its growth in the coming years.