ITD Cementation (ITD) reported (1) Weak execution (Rev 15% below est.), (2) One-time EBIDTA margin surprise (14.5%) and (3) Higher?than-expected Delhi Metro loss (Rs 168mn vs Rs 100mn exp.) While results were uninspiring, we believe that Delhi Metro JV losses may be finally behind ITD (residual order book Rs 325mn). Execution miss was on account of lower rev. from JNPT project at Rs 0.6bn (Rs 4.7bn backlog).