Ashoka Buildcon (ASBL) Q3FY21 (standalone) PAT is lower than our estimate. This is led by lower execution and margin. But management guides to make for revenue shortfall in Q4FY21. This will be driven by 3 projects i.e. Kandi and 2 projects in Bihar. ASBL expects revenue of Rs39-40bn in FY21, YTDFY21 revenue is at -9% YoY and which implies Q4FY21 revenue to increase by 20%. Order book as of 9MFY21 at Rs92bn equals to 4x TTM revenue. We have increased the execution run rate and lowered margin expectations. This has resulted in marginally increase in EPS by 1-4% for FY21E to FY23E. On expectation of pick in capex cycle, driven by allocation to road sector in the...