20 February 2019 Sales declined 19% YoY to INR11.7b due to lower availability of HVDC orders for execution. Three of the four poles for the Champa Kurukshetra (CK) line are completed, and order backlog available for execution for the CK line stands at INR2b. Gross margin improved 670bp YoY to 33%, given reduced execution of the CK order (INR838m v/s INR3,607m in 3QFY19) where margins were lower. EBIDTA margin improved 450bp YoY to 9.6%, supported by a better revenue mix. Order intake increased 84% YoY to INR14.4b, given better order finalization from private and state/central utilities. Private constituted 50% of orders and the balance came from state and central utility orders. Ordering has been supported by the Saubhagya scheme-related state utility capex. Order backlog stands at INR64b, providing revenue visibility for the next 18 months.