Strong performance in a challenging environment: Revenue grew 30% YoY in 1QFY20, which is commendable in a challenging operating environment (liquidity crunch and slowdown amid the election period of around two months). We note that ASBL's revenue growth was strongest among our coverage universe companies. The key positive surprise was the sequential decline in interest expense to INR214m, attributable to a fall in gross debt by INR1.4b. Overall, net profit grew 23% YoY to INR647m (in-line). Dependency on new ordering might increase at such high execution rate:...