IRBs 4QFY17 Revenue, EBIDTA and PAT were 5.5/2.1/7.6% ahead of our estimates on account of execution pickup in EPC segment (8.6% YoY) and savings in depreciation, interest and tax. EBITDA margins expanded ~243bps YoY to 50.5% led by 445/99bps YoY increase in EPC/BOT margins.