Maintain BUY with SOTP-based TP of Rs 235/sh. Much needed execution push in Eastern peripheral, Kharar Ludhiana and JNPT road projects (cumulative Rs 3bn revenue contribution) led to 1QFY18 revenue beat of 23.4%. This along with 77bps EBIDTA margins expansion (to 13.5%), lower depreciation (-8.2% YoY) and taxes, resulted in 101% YoY APAT growth.