Harsha Engineers (Harsha) delivered results above our estimates. Revenue, EBITDA and PAT grew by 6%, 1% and 5% respectively on YoY basis. Green shoots were seen in the way of improvement in industrial demand in Europe which led to 18% YoY revenue growth in Harsha Romania for the quarter. Harsha also witnessed healthy demand improvement for large sized cages as well. Positive signs were also seen in improving demand for bearing cages in India however auto demand remained sluggish. However the management asserted that it will take at least 2 quarters to consider this as a sustainable demand trend. The...