ICICI Securities Ltd | Retail Equity Research Sadbhav Engineering (SEL's) topline de-grew 1.0% YoY to | 925.5 crore (our estimate: | 969.7 crore) possibly due to muted execution EBITDA margin rose 68 bps YoY to 12.0% (our estimate: 12.6%) Net profit de-grew 9.0% YoY to | 56.3 crore (our estimate: | 66.6 crore) on account of topline de-growth and higher tax rate (20% in Q3FY19 vs. | 2 crore tax rebate in Q3FY18). However, at PBT level, it grew 17.6% YoY to | 70.3 crore (our estimate: | 70.1 crore...