View: Strong execution to continue; maintain Buy The revenue grew 41.7% YoY to `10.8 bn (30.7% above our estimate), due to a pick up in execution in key projects. The EBITDA margin was down 715 bps YoY to 14.1% (in line with our estimate). The core EBITDA margin (excluding early completion bonus) was up 32bps YoY to 14.1%. The reported PAT rose 25.5% YoY to `1.4 bn, primarily due to a tax write back of `658 mn in Q4FY19, leading to a decrease in the tax rate to 20.8%, vs. 18.8% in Q4FY18. Adjusting for MAT credit and tax write back, Adj. PAT was...