CG Power & Industrial Solutions (CG Power) has reported a stable set of numbers for 3QFY18. While its reported consolidated revenue grew by 7.3% YoY to Rs15.1bn, after adjusting for GSTrelated impact, it posted 14.9% YoY growth (like-to-like basis) vs. Rs13.1bn in 3QFY17. Consolidated net profit from continuing operations (after adjusting for exceptional item of Rs534mn) dipped by 37.8% YoY to Rs334mn, while consolidated net loss (including discontinued operations) declined to Rs282mn from Rs4,305mn in 2QFY18. Industrial segment which contributed 42.9% to its total revenue grew by 12.6% YoY to Rs6.5bn due to improved execution of orders, while Power system which contributed 56.8% to its total revenue grew by 3.4% YoY to Rs8.6bn. Looking ahead, we expect CG Power's consolidated earnings to recover on low base and exit from lossmaking assets in Hungary and Belgium. Rolling over our estimates to FY20E, we maintain our...