MBL's revenue grew by ~17% yoy to Rs7.13bn, mainly owing to pick-up in execution of old projects. EBITDA rose by ~15% yoy to Rs746mn and margins came in flat at 10.5% (yoy). Its net profit remained flat on yoy basis at Rs295mn owing to 48% jump in interest cost. Revenue growth is expected to improve further with the commencement of newly bagged Hybrid Annuity Model (HAM) projects, which account for 55% of...