Techno Electric & Engineering (TEEC) continued to report a weak performance in 4QFY18. Its consolidated revenue fell by 9.8% YoY to Rs3.2bn owing to 8.1% YoY decline in EPC business, which contributes 97% to its total sales, while PAT remained flat at Rs334mn (+0.4% YoY). Notably, other income declined by 57% YoY to Rs129mn, as last year it benefited from sale of wind asset and dividend income from subsidiaries. However, we continue to remain positive on TEEC on the back of presence across entire power sector value chain and robust revenue visibility backed by strong order book and lower execution risks. Strong order book, likely ramp-up in T&D; capex, robust FCF generation and high EBITDA margins continue to augur well for TEEC, in our view....