We maintain BUY with a reduced TP of Rs Rs 418/sh (vs Rs 449 earlier). SADE has posted a decent execution recovery to Rs 9.3bn (in line with estimate) after a muted 1HFY19 which had witnessed a 2% YoY revenue de-growth. EBITDA came in line with guidance at 12%. APAT came in 9% below estimate largely due to higher effective tax rate of 20%.