Ashoka Buildcon (ASBL) Q2FY21 (standalone) PAT is higher than our estimate by 25%. Beat is led by better execution (revenue) and EBITDA margin. Revenue is up 7% YoY and business has achieved normalcy. ASBL has guided for FY21E execution (revenue) in-line with FY20. Order inflow in the H1FY21 is Rs24bn (orders received in road EPC) and company expects incremental orders of Rs30-40bn in H2FY21. Order book as of H1FY21 at Rs93bn equals to 2.4x TTM revenue. We have factored improved execution in our FY21E/22E numbers and revised EPS up by 18%/12% (exhibit 8). In the note, we introduced FY23 financials and roll forward TP to FY23E. Our revised TP is Rs111 where...