IRB Infrastructure (IRB) posted a robust topline growth of 36.8% YoY to | 1517.3 crore & was above our estimate of | 1293.9 crore mainly on account of better than expected revenue growth in construction division of 54.8% YoY to | 913.1 crore (our estimate of | 700 crore).EBITDA margin contracted 569 bps YoY to 51.0% below our estimate of 54.7% due to change in revenue mix with higher proportion of revenues from low margin construction division .PAT grew 10.4% YoY to | 181.9 crore (our estimate: | 165 crore) due to better than expected execution in construction division. ICICI Securities Limited continue to maintain their HOLD recommendation on the stock with a revised SOTP based revised target price of | 230/share.