We maintain BUY with reduced TP of Rs 833/sh (13.5x Dec-20E EPS and BOT at 1x equity invested). DBL posted strong 3QFY19 Rev/EBITDA/APAT of Rs 24.9/4.4/2.1bn (+6/7/14% beat) despite only ~Rs. 100bn of the order book effectively being under execution. EBIDTA margins came in line at 17.7%. With 80-IA projects still contributing significantly, DBL reported a 6% effective tax rate.