For 1HFY2016, Sadbhav Infrastructure Project Ltd (SIPL) reported a consol. top-line of Rs274cr (vs Rs500cr in FY2015). The Reported top-line (for 1HFY2016), on a yoy basis benefitted from (1) 16.2% toll income growth across Hyderabad-Yadagiri project, (2) 69.2% gross toll income growth across Maharashtra Border Check Post project (as 4 new check posts commenced operations in 2QFY2016; 18% toll hike seen during the quarter), and (3) 11.1% toll income growth seen across the Ahmadabad Ring Road project. The Reported EBITDA for 1HFY2016 stood at Rs180cr while the EBITDA margin for the same period was at 65.7% (vs 61.7% for FY2015). Higher interest expenses (Rs284cr for 1HFY2016 vs Rs526cr for FY2015) led to losses for SIPL of Rs159cr for 1HFY2016. Outlook and valuation: We expect SIPL to report a strong 44.3%/47.8% revenue/EBITDA CAGR over FY2015-17E. Management expects SIPLs entire BOT portfolio (we model MBHPL to commission operations in FY2018E only) to be operational by FY2017E only. Toll collection at its existing projects would further ramp-up, going forward. Interest expenses accounted for 170% of the FY2015 consol. EBITDA. We expect this ratio to decline to ~95% by FY2017E. PAT level losses since FY2013 have eroded overall net worth of consol. entity from...