SEL reported weak APAT (58.3% below estimates). Extended monsoons, Kaveri river protest and mining service tax issues led to execution delays across all verticals. Effectively, SEL lost out on Rs 1bn potential revenue during 2QFY17. Higher interest cost ( 32.8% YoY) on account of increased working capital needs also impacted APAT. NWC cycle deteriorated to 55days as against 34days in FY16-end.