Sadbhav Eng (SEL) reported strong 3QFY17 revenue growth (14.8% YoY), leading to 18.5% APAT beat. Going forward, four HAM projects are expected to contribute Rs 2bn incremental revenue in 4QFY17E, leading to a strong performance. SEL?s net debt has increased to Rs 13.6bn ( Rs 2.3bn QoQ), as it paid a Rs 1.1bn mobilisation advance to NHAI and supported SIPL with Rs 700mn loans.