We maintain BUY on ASBL with a bonus adjusted TP of Rs 225/share. ASBL delivered weak 1QFY19 performance with revenue 3.9% lower than our estimates. Construction revenue came in at Rs 6.3bn, sale of goods at Rs 0.4bn and BOT at Rs 0.1bn. Exceptional settlement Rs 0.1bn in Chittorgarh Bypass has been adjusted from revenue. Blended EBITDA margins were lower at 10.4% (-267bps YoY, -107bps QoQ) on account of a larger share of power segment (Rs 1.3bn in 1QFY19) in which ASBL generates lower margins.