Subdued Performance on Execution Slowdown; Maintain BUY Ahluwalia Contracts (AHLU) has delivered a subdued performance in 1QFY20, mainly marred by persistent delay in two key projects (Rs10bn), delay in bills certification and execution slowdown due to General Elections. Revenue declined by 22% YoY to Rs3.2bn, while EBITDA and PAT declined by 26% YoY and 37% YoY, respectively. EBITDA margin stood at 12.4% (-65bps YoY and +73bps QoQ). Further, AHLU added orders worth Rs4.3bn during the quarter and is in L1 position for projects worth ~Rs7bn. Current order backlog stands at Rs60bn (3.6x of TTM revenue), which continues to remain impressive. Despite soft revenue booking in 1Q, the Management maintained...