Harsha Engineers (Harsha) delivered results which surpassed our estimates. Revenue, EBITDA and PAT grew by 16%, 28% and 41% respectively on QoQ basis. The management mentioned that domestic demand trends are positive from the major bearing customers. A steady recovery in industrial demand in the European region is also taking shape which bodes positively for Harsha since it contributes 30% of overall revenue. Steady growth in the standalone entity, healthy ramp up of the Advantek subsidiary and improving operational performance of overseas subsidiaries will drive growth in the medium term. We...