PNC Infratech's (PNC) revenues grew significantly by 108.0% YoY to | 558.6 crore in Q2FY19 led by strong execution. However, it was below our expectation of | 603.3 crore EBITDA margin contracted 142 bps YoY to 13.4% on account of higher raw material expenses (68.3% as percentage of revenues in Q2FY19 vs. 65.3% in Q2FY18) and in line with our estimate of 13.6% PAT grew robustly by 110.9% YoY to | 35.1 crore in Q2FY19, below our expectation of | 59.4 crore mainly on account of lower-thanexpected topline growth and higher tax rate of 21.6% in Q2FY19...