ITD Cementation (ITDC) delivered a strong 3QCY15 execution beat with revenue/EBITDA growth of 69%/182% YoY. While revenue was 4.3% above our estimates, EBITDA came 8.4% below expectations. EBIDTA margins expanded 250bps on YoY basis (86bps below our estimate), largely driven by lower employee costs (123bps contraction YoY) and lower other expenses (382bps contraction YoY).