We maintain BUY with a TP of Rs 1,434/sh (10x FY20E EV/EBITDA and BOT at 1x equity invested). DBL delivered strong execution with 1QFY19 revenue beat of 3.7%. Revenue for 1QFY19 came in at Rs 24.4bn. Margins continued to be higher than industry at 17.8%. APAT at Rs 2.5bn was 30.9% above our estimates on account of deferred tax reversal impact of Rs 173mn. Adjusted for deferred tax APAT was 22.0% above estimates. There was no early completion bonus in 1QFY19.