(ahead of our est. of INR7.3b) with margins shrinking 8.7pp YoY to 39% due to contraction in Construction margins (21.4% v/s 26.8% in 4QFY18). Adjusted profit declined 13% YoY to INR2.1b (below our est. of INR2.2b). EPC revenue growth dependent on BoT/HAM projects' appointed date: EPC revenue for FY19 grew 20% YoY to INR45.3b, with EBIDTA growth of 2% YoY to INR11.1b. For FY20, IRB expects EPC revenue to grow 30-35% YoY (INR61b at upper end of guidance); we believe this is heavily dependent on availability of the four BoT/HAM projects for which appointed date is still...