We maintain BUY with an SOTP of Rs 393/sh (EPC segment at 18x Mar-19E EPS, Kota BOT 1x P/BV). AHLUs delivered strong 1QFY18 earnings beat of 84.6% led by robust execution and higher bill certification by clients (Rs 400mn) ahead of GST implementation. Revenue/EBIDTA beat came in 48.4/50.6% respectively. EBIDTA margin remained soft, in line with guidance, though improved 151bps QoQ. Demonetisation effect on labour shortage seems to be wearing off and is expected to get normalized by 3QFY18E. On back of robust execution AHLU has raised FY18E revenue growth to 15-20% vs 12-15% earlier. B/S is healthy, with standalone gross debt at Rs 800mn (-Rs 90mn QoQ). AHLU expects to retire entire debt by FY19E. Order intake guidance for FY18E moderated to Rs 11-12bn vs Rs 12-15bn earlier as competitive intensity remains high. FY18E EBIDTA margin -12.5%