We maintain BUY on ASBL with increased TP of Rs 223/share (vs. Rs 210/sh earlier). Following a weak 1QFY19, ABL came back strongly with a 102% revenue growth YoY at Rs 7.6bn (42% ahead of estimates). Construction revenue came in at Rs 7.1bn, sale of goods at Rs 0.4bn and BOT at Rs 0.1bn. Blended EBITDA margins: 13.6% (+155bps YoY, +314bps QoQ, +150bps beat).