For Unity Infraprojects (Unity Infra), we project a muted 3.2% yoy growth in revenue to Rs. 408cr for 1QFY2014, due to slowdown in execution on account of the gloomy macro environment. On the EBITDAM front, we expect a dip of 8bp to 13.5%. The bottom-line is expected to post a decline of 17.3% yoy to Rs. 15cr for the quarter. We maintain a Neutral rating on the stock.
