The outlook fails to impress: The proverbial systemic delays continue to plague. Be it (a) contractual delivery delays; and (b) slow-moving projects, conventional quarters of mainstream capex are yet to show the signs. The order book, thereby, is down by 14% YoY at Rs39.6 bn. We expect the inflows to be no greater than high single digits. Also, we are concerned on International orders. After all, the nature of international ordersfrom execution to margins has always negatively surprised us. We continue to believe TMX will be beneficiary from compact linear Fresnel reflector in domestic market. Further, we expect South Asian geography to contribute more towards the base orders. Yet, in the grander scheme of things, they don't...