NBCC reported a mixed performance in 2QFY19 with a better-than-expected growth in revenue booking and disappointing EBITDA margin. Beating our estimate, its reported revenue grew by 37% YoY to Rs15.4bn mainly led by 39% YoY increase in PMC revenue and 266% YoY rise in real estate revenue. PMC revenue accounted for 90% of its total revenue. A significant increase in other income (+207% YoY and +70% QoQ) resulted in 16% YoY growth in PAT to Rs859mn. NBCC stated that change in accounting rules to IndAS resulted in deferment of revenue booking especially for upfront fees under PMC contracts. Earlier, these incomes used to be reported in P&L;, which are shown under liabilities as advances received. These incomes would be booked...