JKIL posted 11.4% YoY decline in Q4FY15 standalone sales to Rs4bn (21.9% lower than our expectations). The dip in the revenue for the quarter was due to lower contribution from projects in Mumbai. However, EBITDA margin improved by 82bps YoY to 16.9% (137bps below our expectation), due to lower material cost (which as a percentage of net sales fell to 61.2% vs 62.3% in Q4FY14).