ICICI Securities Ltd | Retail Equity Research Sadbhav Engineering's (SEL) topline de-grew 17.5% YoY to | 615.6 crore below our expectation of | 799.3 crore on account of muted execution in the mining and irrigation verticals Despite muted execution, the EBITDA margin contracted only 20 bps YoY to 10.6% and was above our expectation of 10.8% Net profit de-grew 33.4% YoY to | 18.5 crore (our estimate: | 36.4 crore) despite a lower effective tax rate (0.8% in Q2FY17 vs. 19.7% in...