NBCC's net sales contracted 7.2% YoY to | 1128.4 crore. It was below our estimate of | 1407.8 crore due to lower-than-expected revenues in the PMC division. PMC division revenues de-grew 10.5% YoY to | 1003.5 crore vs. our expectation of | 1291.9 crore due to GST issues EBITDA margin expanded robustly by 160 bps YoY to 7.4%. It was above our estimate of 6.0% mainly due to strong performance in the PMC division where it clocked EBIT of | 167.7 crore (our estimate: | 116.3 crore) with EBIT margin of 16.7% (our estimate: 9.0%). After...