ITD Cementation (ITD) missed revenue estimates in 4QCY16 by 20% owing to weak execution in its JNPT project. Further, the Rs 124mn loss borne by the Delhi Metro JV resulted in a 54% APAT miss. This project has been a thorn in ITD?s road to recovery, contributing Rs 557mn to its CY16 loss, and the company pegs further loss of Rs 80mn in CY17E.