In-line Top-line Performance; EBITDA & PAT Exceed Estimates KEC International (KEC) has delivered a strong performance in 1QFY19 with its revenue growing by 11% YoY to Rs21bn (in-line with our estimate). While its net profit surged by 38% YoY to Rs868mn, EBITDA margin expanded by 100bps to 10.3%. Lower other expenditure as a percentage of sales at 7.5% (vs. 14.1% in 1Q FY18) was partially offset by higher raw material cost. Looking ahead, we expect KEC's earnings to clock 19.4% CAGR through FY18-20E on the back of strong order book, improving margin profile and healthy outlook in T&D; and other emerging segments. Thus, maintaining our positive stance, we reiterate our BUY...