PAT +52% YoY; working capital pressures creep in DBL's 3QFY18 net profit grew 52% YoY to INR 1.65bn driven by 40% revenue growth from better execution of OB base. Although interest cost has remained flat QoQ, the benefit of refinancing INR 6bn of debt through cheaper NCDs will be evident in 4QFY18. However, net debt increased to INR 29bn at 9MFY18 (vs. INR 24bn in 1HFY18) on pending receivables of c. INR 8bn from a) GST receipts from customers and b) delays in receiving mobilisation advances as announcement of project appointed dates got postponed. The OB fell from INR 175bn (3.5x FY17 sales) in Mar'17 to INR 123bn (2.4x FY17 sales), as NHAI ordering remained...