Simplex Infrastructure's (SINF) sales increased marginally by 6.3% yoy to Rs16.4bn, below our estimate owing to slower execution in some key projects. SINF's PAT came in at Rs293.6mn, down 56% yoy due to lower execution, higher interest cost (up 11% yoy) and enhanced tax outflow (26.6% tax rate in Q4FY18 v/s 35.8% in Q4FY17). SINF has secured orders worth Rs76.6bn in FY18, thus taking the total order book to...