We maintain BUY with a SOTP of Rs 415/sh (EPC segment at 18x Sep-19E EPS, Kota BOT 1x P/BV). AHLUs revenue net of GST (Rs 270mn impact) came in 15.7% lower than our estimates. EBIDTA margins expanded 102bps to 14.9%, which led to EBIDTA/PAT beat of 13/11.3% respectively. Based on the companys 1HFY18 performance, AHLU has raised EBIDTA margins guidance to 13-14% vs 12-13% earlier. Management sounded confident on delivering 15%+ revenue growth in FY18E.