We maintain BUY with increased SOTP of Rs 285/sh vs. Rs 270/sh earlier. PNC reported inline execution of Rs 5.6bn (+108% YoY, -21%QoQ), despite (1) 2QFY19 being a monsoon quarter and (2) ~58% of order book yet to move into execution). Interest cost shot up to Rs 153mn (+99% YoY, +44% QoQ) as gross debt increased to Rs 3.4bn (vs Rs 2.5bn QoQ and Rs 1.7bn in FY18), largely driven by Capex /WC.