With HVDC orders, the revenues booked were stronger in Energy and Building Technologies segment. This helped SIEM report Rs26bn/Rs2.2bn/Rs1.6bn in Revenue/EBITDA/net profit respectively-ahead of our estimates. With 34% gross margin, SIEM has ticked the operating leverage boxes. Adding to that, with scalable business model, we think SIEM can clip a similar growth. With macroeconomic narratives translating in orders-- and with short-cycle bookbill ratio of ~1.2x, a robust CAGR in earnings remains on cards. Maintain BUY. Key Highlights and Investment Rationale Thanks to HVDC, the energy segment is firing: With unusually strong March quarter,...