Consolidated revenue grew 28.6% YoY toINR36.6b in 4QFY18, ahead of our expectation of INR31.6b. All business segments, excluding Cables, registered strong growth. Cables business was impacted by shifting of operations from the Silvassa facility to the Vadodara facility. T&D business (including SAE) grew 20.6% YoY, while Railways grew75% YoY and Civil grew 346% YoY. T&D contributed 74% of revenue,followed by Railways (10%), Cables (7%), and Solar, Civil and Water (8%). Management guided for revenue growth of 15% in FY19, which will be supported by a pickup in execution of T&D orders in hand and strong growth in non-T&D segments