Operating performance below expectations: IRB's revenue declined 13% YoY to INR11.2b, below our estimate of INR13.2b, due to weaker-thanestimated BoT revenue (led by subdued traffic growth on account of GST implementation). Operating profit stood at INR5.7b (-19.5% YoY), below our estimate of INR6.8b. Operating margin shrunk 390bp YoY to 51% due to an adverse revenue mix (higher contribution from the low-margin construction business). Adj. profit of INR1.5b missed our estimate of INR1.9b. BoT revenue impacted by GST: Toll revenue from continuing projects grew 22% YoY to INR3.9b, supported by a toll hike of 18.5% at the Mumbai-Pune...