1QFY20 was a bit of disappointment on execution, delay in receiving Karnataka 3 HAM project Appointed Dates had a role to play. ACL asset monetization is expected by Mar-20 and ABL needs to give SBI Macquarie a minimum Rs 15.3bn exit floor valuation for its 39% stake in the platform. Speedy BOT asset monetization (incl. Macquarie's exit) would provide financial flexibility to bid for more HAM projects, without increasing leverage. Standalone debt has reduced by Rs 1.4bn QoQ to Rs 5.8bn. We maintain BUY. Key risks (1) Delay in SBI Macquarie deal closure; (2) Dip in traffic revenue from BOT projects; (3) Delay in ADs. We maintain BUY on ABL with a SOTP of Rs 257/sh despite 1QFY20 muted performance. We value the EPC business at 15x FY21E EPS.