Ahluwalia Contracts (ACIL) continued to report healthy numbers, which have broadly been in-line with estimates. Top-line witnessed a growth of ~20% yoy to Rs3.2bn. Operating profit exhibited a growth of ~60% yoy to Rs394mn as against the expectation of Rs397mn. Healthy order inflow and sound execution led to better operating profit. EBITDA margin stood at 12.3% (+ 309 bps yoy). Net profit grew by ~46% yoy to Rs198mn. We maintain our positive view on the stock as ACIL is well poised to witness a healthy traction in the backdrop of healthy order book, sound return ratios, strengthening balance-sheet and stable macroeconomic scenario....