revenue while EBITDA margin expanded by 60bps YoY to 6.8% and adjusted for cost overruns, ITCE's EBITDA margin was 8.6%. Net debt reduced further to Rs2.7bn (net D/E of 0.4x) as working capital reduced to 49 not be consolidated in revenue/EBITDA and will directly flow to consolidated profits. We introduce CY19E estimates and upgrade the stock to Buy with a revised TP of Rs203 based on 18x Jun-19 EPS of Rs11.3. ITCE delivered a stable performance in CY16 with flat YoY revenue primarily driven by the marine segment which contributed 56% of revenue while EBITDA grew by 10% YoY as...