Ex healthcare, SIEM reports Rs22.9 bn/Rs2.3 bn/ Rs1.6 bn in Revenue/EBITDA/net profit respectively. Even with Rs.30 bn order inflow, the existing backlog gives a credible visibility. We think the current capacity utilization is 65% at the best. With 35% gross margin, the operating leverage thesis is compelling. And with short-cycle book-bill ratio of ~1.15x, and a stronger prospect of order inflows, a robust CAGR in earnings cannot be ruled out. We maintain BUY....