We maintain BUY with SOTP based TP of Rs 322/sh. PNCL delivered robust 1QFY19 revenues of Rs 7.1bn with APAT beat of 9.7%. The run-rate translates to Rs 28bn revenue for FY19E. Currently execution is going on Rs 66.2bn backlog and with Rs 84bn of new orders moving into execution from Oct-18E, PNCL is well poised to surprise street positively.