4 February 2019 by a healthy 38% YoY to INR17.9b (ahead of our estimate of INR15.4b), supported by strong growth in construction revenue (+51% YoY to INR12.5b) and an increase in BoT revenue (+16% YoY to INR5.3b). Operating profit grew 13% YoY to INR7.6b (ahead of our estimate of INR7.2b), with margin shrinking 950bp YoY to 42.5% due to contraction in Construction margins (24.5% v/s 29.4% in 3QFY18). Adjusted profit at INR2.2b (-13% YoY) was ahead of our estimate of INR2.0b. Toll revenue from continuing projects came in at INR5.