The Mumbai-Pune project can change the fortunes of the company, given the annual toll collection potential of INR10b+. While a few details of the bid and the final awarding are still awaited, we believe the project can generate IRRs of 20%+ for IRB. announcing the second InvIT with GIC and (2) emergence as a winner in Mumbai-Pune project award, in a timely manner and that too as a sole bidder. We await final awarding of the project (recall that the project was scrapped earlier, but management suggested that rules do allow for awarding on second attempt if there is sole bidder) before incorporating it in our earnings. revenue declined 2.6% YoY to INR17b. EBITDA declined 6% YoY to INR7.1b and was 8% ahead of our estimate on account of higher margins. PAT came in at INR1.6b (-27% YoY) and was 12% below our estimate. Construction revenue grew 10% YoY to INR13.