GST transition makes Q2FY18 results incomparable. As against our revenue/ EBITDA/net profit expectations of Rs12bn/Rs642mn/Rs524mn, company reported Rs11.3bn/Rs843mn/Rs741mn respectively. Nauroji, Sarojini and Pragati Maidan will contribute Rs60bn in revenues from FY19 onwards. With company aiming for another Rs250-300bn order inflows in FY18, the order backlog could end at Rs1trn+ in FY18. Note Dharavi and railway station redevelopment projects, put together, can exceed order inflow of Rs500bn, if won. And there are other big ticket projects in the pipeline too....