Techno Electrics (TEEC) 3QFY17 result was in line with our estimates as subdued execution in its T&D segment ( 4% YoY) was offset by better margins, both in T&D (15.1%, 360bps YoY) and Wind (EBIT of Rs 130mn vs. EBIT loss of Rs 87mn YoY). Improved grid availability in Tamil Nadu led to profitability in the Wind business.