Maintain BUY with a reduced TP of Rs 168/sh. ITD Cementations (ITD) APAT came in 23% ahead of our estimate at Rs 343mn. Consolidated/Standalone EBIDTA stood at 16.9/13.3% (aided by JNPT provision reversals). Bengaluru metro project contributed Rs 1.9bn revenue and Rs 93mn EBIDTA (4.8% EBIDTA margin). ITD expects lower margins from Bengaluru Metro project (Rs 11bn residual value) owing to a 20% reduction in scope. ITD will file claims for same.