IRB's revenue declined 8% YoY to INR11.2b, below our estimate of INR13.7b, due to weaker-than-estimated EPC revenue. Operating profit stood at INR6.7b (-9.0% YoY), below our estimate of INR7.1b. Operating margin shrunk 70bpYoY to 52% due to an adverse revenue mix (higher contribution from the low-margin construction business). Adj. profit of INR2.5b was meaningfully above our estimate of INR1.6b, led by lower-than-estimated interest cost and higher-than-estimated other income