Maintain BUY with SOTP of Rs 288/sh. IRBs 1QFY18 Revenue, EBIDTA and PAT were 30/16.3/10.9% ahead of our estimates on account of robust EPC revenue growth of 45% YoY. EBITDA margins contracted ~600bps YoY to 45% led by change in revenue mix towards EPC (73% rev share vs 61% YoY) which has lower EBIDTA margins (30%) vs BOT Assets (85%). IRBs 1QFY18 order backlog of Rs 89.1bn (2.5x FY17 EPC revenue) provides growth visibility on EPC front with EPC revenue expected to grow 10-15% in FY18E.