Better toll collections across projects offset the impact of lower EPC revenues during the quarter to some extent. Increased interest expense and share of losses from SPVs impacted earnings for the quarter. Cash profit, however, remained positive. A second tranche of payment from GIC is expected shortly, with the balance expected by FY2022. We cut estimates by 9%3% for FY2022/23 to factor in higher debt and revise our fair value to Rs 145 (from Rs 150). Results impacted by higher debt and losses from SPVs: Revenues were lower than our estimates as the impact of improvement in toll collection was offset by lower EPC revenues. Margins remained strong for both EPC and BOT segments; however, increased interest expense on higher debt and losses from SPVs resulted in lower-than-expected PAT. The company expects to complete construction on Agra-Etawah and 2 Rajasthan projects during H2FY21.