29 May 2018 L&Ts; 4QFY18 revenue increased 11% YoY to INR407b, in line with our estimate of INR412b. Adj. EBITDA of INR51.3b (+17% YoY), too, was in line with our estimate (Exhibit 1). Reported EBITDA of INR54b (+22% YoY) includes (a) profit of INR4.8b on sale of land in Bangalore and (b) INR2.2b of provision on Nabha Power receivables. Core E&C; segment margin shrank 60bp YoY to 12.3%, led by contraction in the margin in Hydrocarbons (6.1%, -370bp YoY) and Heavy Engineering (18.1%, -950bp YoY), as projects did not reach the margin recognition threshold. Adj. PAT of INR31b was ahead of our estimate of INR27.3b (see Exhibit 2).