ITD has sharply de-rated over last 1-yr with Metro projects seeing series of adverse news flows. We believe that Kolkata metro risk is overpriced with project execution expected to resume from mid Dec-19. BS improvements, robust inflows and large unutilized FB/NFB limits augurs well. We maintain BUY. Key risks (1) High competitive intensity in marine segment with competition from L&T, (2) Sustained cost overruns in projects, and (3) BS and NWC deterioration. ITD delivered 2QFY20 Rev/EBIDTA/APAT beat of 11/7/16%. 1HFY20 order inflows have been robust at Rs 29bn ex Rs 20bn L1. Risk surrounding Kolkata metro seems to be overpriced with work expected to restart mid Dec-19. We maintain BUY on ITD with an increased TP of Rs 83/sh (12x Mar-21E EPS) vs. Rs 78/sh earlier.