Surpajit Eng reported decent performance amid challenging conditions. EBIDTA was Rs.549mn (-13.6% YoY), with a 14.1% margin (62bps YoY, vs. Est. 12.8%), strong operating performance in the core cable business was partially offset by fall in Phoenix margin. The core cable business benefited from strong replacement and export demand and increase in content per vehicle. Phoenix Lamp's revenue de-grew by 11% YoY to Rs.732 mn, and margin contracted sharply to 4.1% YoY, due to several one offs. The SENA...