Simplex Infrastructures (SIL) posted marginal 3.1% YoY rise in Q3FY15 standalone sales to Rs14.4bn, 2.7% lower than our expectations. Revenue growth for the quarter remained muted due to stretched working capital which affected execution. However, EBITDA margin improved by 131bps to 10.5% (in line with our expectation), due to lower raw material cost (which as a percentage of net sales declined to 34.6% vs 38.2% in Q3FY14).