Strong execution of large projects led to strong revenue growth of 68% YoY in Q3FY20 (in-line with our estimate). EBITDA margins remain flat at 14.06% while 9MFY20 margins improved by 120bps YoY at 16.3%. Order book stood healthy at Rs8,659cr which is 1.8x TTM revenue and the company is expecting additional orders of ~Rs5,000cr in Q4FY20 which provides visibility. PAT grew by 69% YoY to Rs77cr due to strong margin and higher other income....