revenue grew 13.1% YoY to INR24.1b in 2QFY19, in line with our estimate of INR23.9b. All business segments, barring T&D; grew strongly. T&D; business (excluding SAE) showed a de-growth of 9% YoY, as execution of projects in hand was delayed as major part of order inflow in the segment fructified in 2HFY18 where execution is yet to pick up meaningfully. Management maintained its revenue growth guidance of 15% for FY19, which should be supported by a pick-up in execution of T&D; orders in hand and strong growth in non-T&D; segments. T&D; revenue stood at 63% of total v/s 80% in 2QFY18, while non- T&D; contributed 37% v/s 20% in 2QFY18. YoY to INR2.5b in 2QFY19, ahead of our estimate of INR2.4b, supported by improving margin profile in the non-T&D; business. For the standalone business, operating profit grew 24% YoY, with margin improving 50bp YoY to 11%. SAE Towers reported weak performance with calculated margin of 4.