Subdued performance: BHEL reported revenue of Rs73bn (+9% yoy), above our expectation of Rs69bn. Revenue growth in the power segment was muted at just 3% yoy, while industrial segment jumped 41% yoy. EBITM in power and industrial segments declined by 373bps and 8bps to 10.7% and 3.5%, respectively. EBIDTA declined 28% yoy to Rs2.2bn on weak gross margins (down 437 bps yoy) and a forex loss of Rs2.07bn reported under other expenses. PAT increased to Rs1.9bn, driven by higher other income, on account of interest income on an income tax refund of Rs870mn. Receivables inched up to ~Rs397bn from Rs389.9bn qoq state utilities accounted for 51%, while central...