Maintain BUY with Rs 211/sh TP. ITD Cementations (ITD) APAT came in 22.9% ahead of our estimates at Rs 289mn. Consolidated EBITDA margins expanded 204bps YoY to 13.2% (vs. 10.1% est.) led by better profitability in standalone and 100-150bps contribution from residual profits in completed marine projects.