IRB's revenue declined 15% YoY to INR13.8b, below our estimate of INR16.4b, due to weaker-than-estimated BoT revenue. Operating profit stood at INR6.6b (-19.0% YoY), below our estimate of INR8.3b. Operating margin shrunk 280bp YoY to47.7% due to negative operating leverage and weak margins in the EPC segment (-180bp YoY to 26.8%). Adj. profit of INR2.4b came in below our estimate of INR2.7b, led by the revenue miss.