Harsha Engineers (Harsha) delivered results in line with our estimates. Excluding the one-time new labour code impact of Rs ~60mn, the results met our expectations. Revenue, EBITDA and PAT grew by 21%, 34% and 26% respectively on YoY basis. Steady domestic demand and recovery in industrial demand in Europe led to steady growth. Growth is predominantly volume driven and not pricing driven. We believe that the company can clock in steady growth especially with better demand outlook from Europe and stable domestic demand. The management expects that revenue growth in India, improving...