Ahluwalia Contracts (ACIL) continued to report healthy numbers with its topline witnessing ~22% yoy growth to Rs3.8bn. Operating profit exhibited a robust ~89% yoy growth to Rs526mn vis--vis our expectation of Rs478mn on the back of healthy order inflow (Rs19.5bn in FY15 and Rs15.3bn in FY16) and sound execution. EBITDA margin stood at 13.7% (+485 bps yoy & +142bps qoq) for the quarter. Net profit grew by ~53% yoy to Rs267mn. We maintain our positive view on the stock, as we believe that ACIL is well-poised to witness a healthy traction in the backdrop of healthy order book, sound return ratios, strengthening balancesheet amid positive indications on macroeconomic front. Current order backlog...