Suprajit Engineering (SEL) reported 4QFY18 revenues of INR 4.1bn (+13% YoY, +11% QoQ), driven by increase in aftermarket lamp business and domestic OE cable business, in line with increase in domestic 2W and 4W sales. Consol. EBITDA margin stood at 18.1% (flat YoY, +170bps QoQ), driven by higher sales of H7 lamps during 4QFY18. Capacity utilization at H7 line improved during 2HFY18 to c.40% (vs 25%, 2HFY17). Phoenix Lamps (PLD) EBITDA margin at 14% (FY18) was flat YoY, despite good aftermarket business as export subsidiaries (Luxlite and Trifa) faced headwinds in gaining back key customers and difficulty in passing-on raw material prices to OEs. After two years of no growth, management expects PLD to grow...