Revenue growth impacted by softness in commodity prices and delay in execution of projects: KEC International's (KEC) consolidated revenue for 1QFY17 stood at INR17.5b (down 7% YoY). Revenue was partially impacted on account of the softness in commodity prices (INR1.5b), delay in conversion of L1 orders into firm orders. SAE Tower sales grew by 36% YoY to INR2.6b and the railways business improved by 56% YoY. Consolidated margin improves despite negative operating leverage: Consolidated EBIDTA margin improved by 110bp YoY to 8.6% in 1QFY17, led by...