Ahluwalia Contracts (ACIL) has delivered a healthy performance in 3QFY17 on the backdrop of pick-up in execution post monsoon notwithstanding the impact of demonetization. Its top-line grew by ~12% YoY and 23% QoQ to Rs3.57bn (vs. our estimate of Rs3.5bn) mainly owing to pick-up in execution after seasonal overhang. Operating profit surged by ~18% YoY (+19% QoQ) to Rs463mn (vs. our estimate of Rs452mn). EBITDA margin rose by 65bps YoY to 13.0%, while net profit zoomed by strong ~23% YoY to Rs244mn. Looking ahead, we believe that ACIL is set to witness a healthy traction on the backdrop of healthy order book, sound return ratios, improving...