Ashoka Buildcon (ASBL) Q1FY22 standalone PAT came 19%/ 25% higher than our / consensus estimate. This is led by better execution as work efficiency improved and currently operating at 100% efficiency level. On execution front, company has guided for revenue increase of 25% with EBITDA margin of 12-12.5% for FY22E. Post the result we have increased revenue to 20% YoY pa for FY22E/23E. This has resulted in increase in the EPS by 4% and 6% for FY22E and FY23E respectively. And SOTP base TP is revised to Rs135 (earlier Rs128), TP implied valuation is at 7x FY23E EPS (last 5 years avg at 12x). Catalyst for stock performance is conclusion of ACL asset sale, execution...