Strong execution inadequate to fully offset weak traffic growth in BOT portfolio: EPC revenue was up 16% YoY, implying strong execution of underconstruction projects. EPC margin surprised at 28.7%, as lower-margin HAM projects (two of the total three) are yet to commence construction. Gross toll collection growth on a like-for-like basis was tepid at 2.7% and a major disappointment. On account of higher depreciation and interest expense...