The company has received approvals from NHAI, lenders and SEBI for the IRB-GIC deal and is expecting to receive the proceeds during this quarter. The proceeds from this deal should help IRB meet its equity infusion requirement of ~Rs 28bn in under implementation projects. IRB will also leverage this partnership to bid for upcoming BOT and TOT projects, though it will have to bring in 51% of equity under such agreements. Securing Mumbai Pune expressway TOT project will provide further fillip to the revenues from toll collections. We maintain BUY. Key risks (1) Sustainability of toll revenue collection rate in the BOT portfolio, (2) Market acceptability for BOT projects IRB delivered in-line revenue with EBITDA/APAT beat of 9%/17%. IRB-GIC deal is expected to conclude during 4QFY20 with all the approvals in place. We maintain BUY with an SOTP based TP of Rs 172/Sh.