MBL Infrastructures (MBL) has reported ~11% yoy growth in revenue mainly owing to pick up in execution of new projects. However, absence of margins booking from new projects due to accounting standard led to EBITDA decline of ~19% yoy to Rs472mn way below our estimate of Rs561mn, which also resulted in poor EBITDA margins of ~7.7% (-282bps yoy). Non-booking of margins from new projects has been dragging performance for last two quarters and we believe margins flow from new projects will aid MBL to restore its profitability in ensuing quarters. Notably, MBL has added orders worth Rs36bn (+140% yoy) in FY16, taking its o/s order backlog...