Dilip Buildcon Ltd (DBL) has reported lower than expected results for 1QFY20 with 6% YoY decline in revenues and 4.2% YoY decline in EBITDA. The revenue and EBITDA were ahead of consensus numbers by 9% and 10% respectively, however, PAT at Rs1.25bn was much lower than expectations on account of higher interest and depreciation costs and higher tax rate. The management has maintained its guidance of 10-15% revenue growth for FY20 and expects 2H to be much better as the company has received appointed dates for 10 out of the total 12 HAM projects. We believe the company is on target to achieve its FY20 revenue targets and believe that EBITDA margins can surprise positively on account of higher early completion bonus. We...