We maintain BUY with TP of Rs 576/sh (18x Mar-20E EPS). PSPs 2QFY19 revenue of Rs 2.3bn (+50.4%YoY, -10.5% QoQ) was largely driven by the SDB project (~Rs 560mn). EBITDA margin came in at 14%, about 100bps higher than management guidance. PSP has won Rs 3.8bn of orders in 2QFY19 (in addition to Rs 520mn in 1QFY19) majority of which are repeat orders. Order book is now Rs 25.8bn.