Owing to increase in debt we have ascribed a 25% P/E valuation discount and value EPC business at 13.5x, we maintain BUY with reduced TP of Rs 817/sh (13.5x FY20E EPS and BOT at 1x equity invested). DBL delivered muted execution of Rs 16.3bn (2% miss). EBIDTA Margin was in line with guidance at 17.3%. APAT at Rs 832mn was 37% below estimates owing to higher depreciation/interest/tax rate.