To launch one big-ticket project every quarter Sunteck Realty's (SRL) revenues recognised de-grew 48.0% YoY to | 180.3 crore (our estimate: | 202.4 crore) EBITDA margins grew 14.6 percentage points (pp) YoY to 43.3% due to lower margin base in Q2FY18. However, it was way below our expectation of 52.9% on account of higher operating costs (47.4% as percentage of revenues in Q2FY19 vs. our expectation of 39.5%) PAT de-grew 15.0% YoY to | 54.7 crore due to high base in Q2FY18....