We maintain BUY with a SOTP of Rs 486/sh (EPC segment at 486/sh (EPC segment at 10x Mar-20E EV/EBITDA, Kota BOT 1x P/BV). AHLU 4QFY18 net revenue came in at Rs 4.5bn (-5.3%YoY, +23.7%QoQ) which was only marginally below our estimates. Company delivered strong 13.3% EBITDA margins in FY18 (vs. 12.2% YoY). This has been achieved by mix of better cost control and improvement in labour market supply.