Revenues stood at INR4.5b (+3.6% YoY), in line with our estimate of INR4.4b, led by timely execution of the KP Sagar Irrigation project (INR960m revenue contribution; 20% of 3QFY19 sales), Hubli (INR600m), Madurai (INR400m), Trivandrum (INR520m) and Yedulla (INR410m). EBIDTA at INR901m (- 8% YoY) was ahead of our 13 February 2019 estimate of INR740m. Operating margins declined 260bp YoY to 20%, but was ahead of our estimate of 17.0%. Better-than-estimated margins were due to the better revenue mix (20% revenue contribution from KP Sagar Irrigation project, where margins are in excess of 20%+). PAT declined 21% YoY to INR521m, exceeding our estimate of INR339m. Dec18, order backlog stood at INR55.2b (including EPC value of HAM project), providing visibility of 2.9x its FY18 revenue. Of the total order book of INR55.2b, 94% comes in from Roads with the balance coming from the Irrigation segment.