sales declined 15% YoY to INR7.5b (below our expectation of INR9.1b). Standalone sales grew 3% YoY to INR5.2b, while subsidiary sales declined 39% YoY to INR2.3b. Revenue decline was on account of multiple projects having reached near-completion stage, while new projects are yet to pick up meaningfully. EBITDA declined 40% YoY to INR498m, with margin of 6.6% (-270bp YoY) below our estimate of 9.2%. Margins declined on account of increase in provisioning for doubtful debts. Recurring profit of INR358m (-41% YoY) was below our estimate of INR393m. Forex gain of INR130m was booked during the quarter.