ITD Cementation (ITCE) reported revenue of Rs6.5bn, which was above our as well as street estimates of Rs6bn, mainly due to faster execution in its key projects. Operating margin (OPM) stood higher at 13.2%, as some projects were on the verge of completion. ITCE has a strong order book of Rs90.6bn (ex-L1 of Rs9.4bn), where execution is likely to pick up materially and flow into earnings over FY19-20E. ITCE has already received...