Growth Momentum Continues; Strong Order Book Offers High Revenue Visibility Kalpataru Power Transmission (KPTL) has delivered a strong performance in 3QFY17, aided by better execution of projects. Though its standalone revenue grew by 29% YoY, its subsidiaries reported decline in revenue. JMC Projects' revenue declined by 4.8% YoY with margins at 8.8%, while Shree Shubham Logistics' revenue plunged by 55% impacted by demonetization. We expect KPTL to be a key beneficiary of strong transmission capex in both domestic and global markets. Backed by strong order book, KPTL is expected to sustain growth momentum in revenue and earnings,...