Aided by strong execution in T&D;, Railway and Pipeline business coupled with higher margin, Kalpataru Power Transmission (KPTL) has delivered a decent performance in 1QFY19. Its standalone earnings improved by 15% YoY to Rs810mn (in-line with our estimate of Rs792mn), while revenue grew by 10% YoY (16% YoY Like-to-Like basis) to Rs13.2bn. EBITDA grew by 15% YoY to Rs1.6bn, while EBITDA margin expanded by 50bps YoY to 11.9% led by cost control. At subsidiary level, while JMC Projects' PAT grew by 24% YoY to Rs266mn led by margin expansion and higher other income, Shree Shubham Logistics' (SSL) revenue rose by 115% YoY to Rs290mn led by higher utilisation level. We continue to believe that KPTL is well-placed to benefit from...