JKILs 3QFY17 APAT of Rs 268mn was 9.1% ahead of our estimate, led by 21.1% YoY revenue growth (4% ahead of our estimates).The balance sheet remains stable, with net debt at Rs 4.7bn and net D/E stood at 0.34x vs Rs 4.8bn and 0.36x during 2QFY17. Debtors have increased by Rs 1.2bn on account of the Metro project (Rs 1,120mn) and the same have lessened in 4QFY17E.