Result, by definition, a beat: We anticipated Revenue/EBITDA/Net Income of Rs60 bn/Rs861 mn/Rs457 mn respectively. Led by (1) faster conversion of existing orders; (2) provisions releases; and (3) cost optimization, BHEL pleasantly surprises us with Rs63 bn/Rs2.2 bn/Rs935 mn. Adverse exchange rate and lower treasury income leads to net margin disappointment. Yet they fade out with brighter prospects in days to come. Slow moving can fill the order inflow void: Currently, BHEL has Rs980 bn order backlog. However, the executable component is just Rs550 bn. The remaining Rs430 bn, understandably, is slow moving. And that is about to change. First, on Yadadri project, which is...