Dilip Buildcon's (DBL) Q3FY18 sales grew 40% YoY to Rs 19.4 bn, ahead of our estimate of Rs 18.1 bn and consensus estimate of Rs 17.7 bn. EBITDA was up 24% YoY at Rs 3.4 bn and 6% above our estimate. EBITDA margin was down ~230 bps YoY at 17.7%.