ABL 2QFY17 standalone financial performance was above expectations as EBITDA ( 7.0% YoY) came 25.4% ahead of our estimates, mainly on account of Rs 160mn saving achieved on six month early completion of Bihar T&D project. EBITDA margins expanded ~187bps YoY to 15.8% (~337bps ahead of our estimates) led by ~382bps YoY contraction raw material costs (Bihar project).