Robust Earnings Growth on Strong High Order Book Aided by strong execution in T&D;, railway and pipeline business coupled with higher margin, Kalpataru Power Transmission (KPTL) has delivered a strong performance in 4QFY18. Its standalone revenue and earnings surged by 27% YoY and 17% YoY to Rs19.3bn and Rs1.04bn, respectively. EBITDA grew by 33% YoY to Rs2.1bn, while EBITDA margin expanded by 50bps to 10.8%. At subsidiary level, while JMC Project's (JMC) PAT grew by 92% to Rs343mn led by margin expansion and higher other income, Shree Shubham Logistics' (SSL) revenue rose by 75% YoY to Rs107mn led by higher utilisation level (80%). We continue to believe that KPTL is well-placed...