ITD's surprise Mar-19 quarter loss brought back memories of Delhi Metro. The company has added elevated metro as one more segment (besides roads) to its no bid list now. BS and NWC days deterioration will take time to reverse. ITD strengths in complex jobs execution is not translating into profitable growth. With no near term positive triggers, re-rating will take time. We maintain NEUTRAL. Key risks (1) High competitive intensity in urban infra, (2) Sustained cost overruns in projects, and (3) BS and NWC deterioration. We maintain NEUTRAL on ITD with a TP of Rs 118/sh (15x Mar-21E EPS). We believe ITD has failed to deliver on profitable growth and multiple headwinds like (1) Bengaluru elevated losses; (2) Limited visibility on Marine wins; and (3) High debt, limits further re-rating.