Kalpataru Powers (KPP) 3QFY17 result was ahead of our estimates, with strong revenue growth ( 29% YoY), stable EBITDA margins of 10.5% ( 20bps YoY) and lower interest costs (-9% YoY). Consequently, APAT reported a strong growth of 57% YoY to Rs 571mn. Order inflows for the quarter was muted.