Maintain BUY with reduced TP of Rs 449/sh (vs Rs 487 earlier) valuing the EPC segment at 18x Dec-20E EPS, Kota BOT 1x P/BV). AHLU posted weak numbers with Rev/EBITDA/APAT coming in 12/23/23% lower than estimate. This was primarily led by NGT related issues in both Delhi (~Rs 600-700mn revenue impact) and Bihar (~Rs 400mn impact). With fixed cost absorption on lower revenue base, EBIDTA margins slipped 545bps QoQ to 11.8%.