Ashoka Buildcon Ltd (ASBL) has reported extremely good set of result for 4QFY19 with revenue of Rs13bn, +86% YoY, vs. our expectations of Rs9.1bn. The beat was driven by better execution among most under construction HAM projects, TOT EPC project (along with another EPC project in Maharashtra) and power projects in Bihar and Uttar Pradesh. The management has guided for 25-30% growth in FY20 which has upside potential depending on the order inflow in this year. We are building in 21% revenue and 14% EBITDA CAGR over FY19-21 in our estimates. Given the clarification by the management that there is a two year extension in closing the deal with PE investor, we believe that near term stock...