Strong Performance on Improved Execution: Maintain BUY H.G. Infra Engineering (HGIE) has posted a strong set of numbers for 4QFY18 with its revenue surging by 34% YoY and 57% QoQ to Rs5bn mainly owing to strong order book and improved execution. Led by improved execution and new accounting standard, EBITDA grew by a substantial 79% YoY (+59% QoQ) to Rs787mn. EBITDA margin expanded by 398bps YoY to 15.6% vs. 11.6% and 15.4% in 4QFY17 and 3QFY18, respectively. While its PAT grew by 48% YoY (+90% QoQ) to Rs360mn in 4QFY18, HGIE posted Rs843mn PAT in FY18 (vs. our estimate of Rs782mn). Its current order book at Rs46bn (3.3x of FY18 revenue) provides healthy revenue...