Performance Back on Track; Concerns still Prevail MBL Infrastructures (MBL) has managed to back on track in 3QFY17 following a worst ever performance in 2QFY17. Despite 18% YoY (+52% QoQ) decline in revenue, its operating profit improved by 8% YoY to Rs708mn mainly owing to 295 bps YoY improvement in operating margin to 12.5%. Notably, interest cost witnessed a sharp up-tick (+77% YoY and +93% QoQ) due to rise in working capital loans for which its net profit contracted by 43% YoY to Rs135mn. We have downwardly revised our earnings estimates by ~16% for FY18E mainly to factor in likely revenue loss due to delay in captive HAM projects and surging...