15 February 2019 Revenue declined 1% YoY (LTL YoY) was above our estimate of 11.5%. PAT declined 9% YoY to INR563m, below our estimate of INR656m. segment (95% of revenue) grew by a healthy 23% YoY to INR8.8b, supported by strong growth of execution of in-house HAM projects. HAM EPC contributed 84% of Transport revenue (+228% YoY), while third-party EPC formed 16% (-72% YoY as third-party order book available for execution declined YoY). Irrigation segment (1.4% of revenue) de-grew by 73% YoY due to lower order backlog available for execution. Mining revenue declined by 61% YoY to INR281m. Management scaled down its FY19 revenue guidance executing a few existing projects. Notably, 61% of the existing order book has not been contributing to revenue. We note that margins in the year-ago period were supported by the execution of better-margin EPC projects (contributed 68% of revenue in 3QFY18 v/s only 16% in 3QFY19).