The Q3 results for Ashoka Buildcon came below estimates, primarily due to a slowdown in execution in the E&C segment. Top line grew by 22.1 per cent year-on-year. Margins came at 18.9 per cent, compared with 19.6 per cent in the same quarter last year, lower than our estimate of 23 per cent, due to lower-than-expected revenue growth. On the bottom line front, PAT declined by 35.3 per cent y-o-y to Rs 13 crore. This was mainly on account of lower-than-expected operating performance and higher tax rate.