ITD Cementation has reported revenue of Rs5.7bn, which is way below our estimate due to slower execution in its key projects. ITCE's Adj. PAT came in at Rs395mn (reported PAT at Rs190.9mn), which is better than our estimate on the back of a strong operating performance and higher other income. ITCE has a strong order book of Rs75bn (excluding L1 of Rs20bn), where execution is...