Key Beneficiary of High Capex in T&D; Space; Strong Order Inflows to Boost Growth Aided by improvement in operating margin, consolidated PAT of KEC International (KEC) surged by 131% yoy to Rs650mn in 2QFY17. However, its revenue increased marginally by 2.7% yoy due to passing over of benefits of lower commodity prices to clients and delay in converting some large L1 orders. Reported PAT post compensatory income as per IND-AS surged by 34.5% yoy to Rs721mn in 2QFY17. Strong order inflows so far this fiscal are in line with our estimates, which confirm our conviction that KEC would deliver strong earnings growth, going ahead. We...