Skipper's operational performance was broadly in line with our expectations. Revenue increased by 5% yoy on the back of steady growth in Engineering Products (EP) (+5.9% yoy) and Polymer Products (PP) (+9.3% yoy). While EBITDA margin increased by 42bps yoy to 18.3%, the PAT declined by 15% yoy owing to 76% yoy increase in finance cost. Aggregate order inflows (FY18) in EP stood at Rs21bn, while the order backlog stood at Rs26bn spread across PGCIL (44%), SEB's (44%) and Exports (12%). The company has...