Growth Path Remains Intact Despite Soft Performance; Maintain BUY Ahluwalia Contracts (ACIL) has reported a soft performance in 1QFY19. Led by slow execution in new projects, ACIL's revenue declined by 20% YoY (-10% YoY GST adjusted) to Rs4bn vs. our estimate of Rs4.2bn. Further, EBITDA declined by 2% YoY and 1.5% QoQ to Rs526mn, while EBITDA margin improved by 238bps YoY and 107bps QoQ to 13%. Net profit stood at Rs282mn (-4.5% YoY and -9% QoQ). ACIL received order inflow of Rs20bn in FY19 YTD taking its total order backlog to Rs47bn (2.9x FY18 revenue). Upgrading order inflow guidance to Rs24bn from Rs20bn, the Management has maintained revenue growth guidance of 20% with EBITDA...