With growth prospects looking positive, margins inching higher and debt reduction likely we maintain BUY with SOTP based TP of Rs 438/sh SEL reported 4QFY18 net revenue at Rs 11.0bn (+6.9% YoY, +18.1% QoQ) was 3.4% below our estimates. EBITDA came in at Rs 1.2bn (+13.2% YoY, +17.3% QoQ). EBITDA margins inched up in FY18 to 11.8% (vs. 10.7% YoY) on account of increased contribution from HAM projects.