IRB Infrastructure (IRB) reported revenue decline of 17% YoY to INR12.8b (11% below estimates) due to weak execution, impacted by a delay in the receipt of the appointed date for the Vadodara HAM (VM7) project. The EPC segment reported revenue/EBITDA decline of 27%/3% YoY. The outstanding EPC order book stood at INR121b, with an OB/revenue ratio of 2.9x. The EBITDA margin improved to 58%, with a higher share of toll revenues in the overall mix. EBITDA grew 3% YoY to INR7.4b (our estimate: INR6.9b). With COVID-related restrictions easing, toll collections are returning to...