Top takeaways from Q1FY17: Topline at Rs 15.2bn (+33% yoy) was driven by strong 49% yoy growth in EPC revenues. Toll collection grew by 15% yoy – driven by commencement of tolling on NH-8 for Vadodara-Ahmedabad project. Adjusting for new and completed projects, the like-forlike toll collection grew by 9% yoy (6% excl Mumbai-Pune).EPC orderbook is Rs 87bn – 2.6x book-to-sales (Rs 69bn adjusting for O&M contracts @ 2.2x book-to-sales). With the termination of the Zozila tunnel project, the orderbook (to be executed over the next three years) looks rather unimpressive.Phillip Capital maintain BUY with a price target of Rs 320 (unchanged) – BOT Rs 225 + EPC Rs 95.