sales declined 15% YoY to INR6.4b (v/s est. The sales disappointment was due to key overseas projects, such as AMAS and RAPID, getting completed, whereas Europe recorded subdued performance. EBITDA was up 23% YoY to INR615m, 13% below our est. EBITDA margin stood at 9.7% (+310bp YoY) and above our estimate of 8.5%. Margin expansion came in due to projects being in the engineering and procurement phase. PBT stood at INR363m, up 28% YoY but 14% below our est. Adj. PAT stood at INR271m, up 19% YoY and 8% below our est.