Robust Order Book Aiding Consistent Growth: HG Infra has reported its Q1FY20 results broadly in line with our estimates. EBITDA margin has expanded by a marginal 21 bps to reach 15.1% for Q1FY20 on account ofhigher turnover (16.9% YoY growth) and lower material expenses (43.2% vs 50.1% as a % of sales).