We maintain BUY with an increased SOTP of Rs 250/share (previous TP Rs 250/sh). PNCL delivered strong 4QFY18 adj. revenues of Rs 7.0bn (+99.4% YoY, +47.9% QoQ) as expected given the ~79.0bn of order book finally moved into execution. After adjusting for bonus, FY18 EPC EBITDA margins were encouraging at 14.4%. Toll/Annuity revenues grew 7.3% to Rs 5.7bn in FY18.