Consol. sales grew 20% YoY to INR8.7b, below our estimate of INR9.3b. Revenue growth was supported by a pick-up in execution of key orders like Petron as (Malaysia), Polghawela (Sri Lanka), Koyambedu (Chennai), AP Genco and AMAS (Bahrain). Standalone sales rose 21% YoY toINR4.6b, while subsidiary sales grew 20% YoY to INR4b. Consol. EBITDA fell 2%YoY to INR0.8b, with the margin of 9% (-210bp YoY) below our estimate of10.1%. Consol. recurring profit of INR300m too was below our estimate ofINR476m.