Ahluwalia Contracts' (ACIL) top-line grew by ~3% yoy to Rs2.89bn (vs. our estimate of Rs3.0bn), while the Company's operating profit surged ~14% yoy to Rs391mn (vs. our estimate of Rs399mn) in 2QFY17. Its EBITDA margin stood at strong 13.5% (+123 bps yoy & -39bps qoq), while net profit grew by merely ~3% yoy to Rs197mn. We believe that ACIL is set to witness a healthy traction on the backdrop of healthy order book, sound return ratios, improving balance-sheet amid positive indications on macroeconomic front. Its current order backlog stands at Rs43.6bn (3.4x TTM revenue), which provides healthy revenue visibility. Though we have trimmed down...