Q3FY19 sales grew by 29% YoY due to strong execution in energy (30% YoY) and environment (23% YoY) segment . However, EBITDA margin declined by 108bps YoY to 7.5% due to rise in commodity prices and other expenses . Subdued growth in order inflow (5% YoY) due to tepid order conversion in core energy and environment segment . Adj. PAT increased by 11% YoY supported by higher other income (31% YoY) and lower tax . Core sector order inflow stand muted while rise in commodity prices is likely to impact operational margins in coming quarters. We maintain our Hold rating and value TMX at a P/E of...