Engineers Indias (ENGR) 3QFY17 results were in line with our estimates. Revenue declined 12% YoY on the back of a weak opening order book. As guided by the mgmt, provision write-backs continued (Rs 90mn in 3QFY17), leading to LSTK margins of 28.4% ( 1240bps YoY). Consequently, APAT for the quarter grew 26% YoY to Rs 850mn. Though the order inflow (Rs 2.7bn) for the quarter was muted, ENGR has announced large orders in 4QFY17 which could help it to close with an order book of over Rs 65bn.