Delayed appointed dates for HAM projects mar revenue growth Dilip Buildcon (DBL) reported below-expected Q4FY19 revenue at Rs 25.7bn, flat YoY, due to execution constraints led by delays in award of appointed dates for HAM projects. EBITDA margins declined 100bps YoY to 17.5%, in line with our estimate. EBITDA dipped 4.9% YoY and adj. PAT fell 7.3% to Rs 2.2bn, but was above estimates due to higher other income and a lower effective tax rate. The Mar'19 order backlog stood at Rs 212bn, 2.3x FY19 revenue. We trim...