T&D; investments to gather speed: The last couple of years had witnessed a slowdown in ordering activity from PGCIL, resulting in the underutilization of capacity and an increase in pricing pressure. However, with the change in government and its focus on improving power availability in the country we believe ordering activity to pick up going forward. Transformer capacity utilization has been hovering between 60-70% in the last three years. With increase in demand we expect competitive intensity to decrease and realizations to improve. CG has been the market leader in the higher capacity 765 KV transformer segment with a market share of 32% in FY14. Turnaround in overseas business: Revenues in the overseas subsidiaries increased 20% yoy in...