Maintain BUY with a revised TP of Rs 440 (11x FY20E EV/EBITDA). DCAL delivered improved performance in 1QFY19 with revenue at Rs 4.8bn, up 42%YoY on a low base and up 7%QoQ. EBITDA margin recovered 400bps YoY to 25%, while dropping 200bps sequentially. The sequential drop was primarily owing to an increase in other expense and no reduction in employee cost. PAT at Rs 396mn was up 205%YoY owing to a low base, and down 22%QoQ due to decline in other income and higher interest cost.