Maintain BUY with a reduced SOTP based TP of Rs 246/sh (EPC standalone at 7.5x Dec-20E EPS and ~60% discount to peers). IRBs 3QFY19 Revenue/EBIDTA/PAT were 7/5/7% ahead of our estimates at Rs 17.9/7.6/2.2bn. EPC margin witnessed a 612bps YoY drop led by ~Rs 1bn of revenue from utility shifting (with negligible margins) and ~150-200bps impact of increase in raw material costs.