ACIL's net sales in Q3FY19 increased by about 16% yoy to Rs4.2bn, but came in below our estimates due to issues relating to tree-cutting in the NCR region and delays in getting approvals for a few projects. EBITDA declined 20.5% yoy to Rs496.2mn while EBITDA margin stood at 11.9% (Emkay est: 13%), due to weak execution and higher other expenses which...