Better than expected Q1; FY20 guidance intact; Maintain Buy The Q1FY20 was a better-than-expected quarter operationally and the marginal drop in infrastructure margins were due to project mix. The company has retained its guidance for FY20, in terms of inflows, revenues, and margins, while the upwards RoE trajectory continues. It remains the best proxy for the capex story. We continue to maintain our Buy, with an unchanged TP of ` 1600 based on SOTP. FY20 guidance intact despite challenging macro conditions...