sales declined 24% YoY to INR6.6b (below our expectation of INR9.5b). Standalone sales declined 2% YoY to INR4.5b, while subsidiary sales declined 48% YoY to INR2.1b. The revenue decline was on account of multiple projects reaching near-completion stage, while new projects are yet to pick up meaningfully. EBITDA declined 29% YoY to INR539m, with margin of 8.1% (-70bp YoY) below our estimate of 9.1%. Margins declined on account of operating de-leverage. Recurring profit of INR201m (-28% YoY) was below our estimate of INR409m. Forex loss of INR46m was booked during the quarter.