3 May 2019 4QFY19 sales at INR16b grew 19% YoY (v/s our est. of INR15.2b) on strong pick-up in UCP segment sales (+19% YoY) and timely execution of projects in the EMP segment (+21% YoY). EBITDA of INR1.1b (+81% YoY) was ahead of our estimate of INR839m, supported by better-than-estimated margins in the UCP segment (+350bp YoY; 10.4%). Adj. Net Profit increased 212% YoY to INR824m (v/s our est. of INR482m) on lower-than-estimated tax during the quarter (1% v/s our est. PAT grew 13% (INR52.3b)/ 30% (INR3.5b)/35% (INR1.9b).