results was the sharp reduction in gross debt level to INR18.5b (from INR32.5b in 3QFY19), leading to net D/E improvement to 0.6x (FY18: 0.8x). Sharp debt reduction is attributed to (a) realization of INR4b of receivables from Saudi; (b) sale of BOT asset leading to net improvement of INR2.3b; and (c) strong advances from international orders in 4QFY19. While average debt for next year may be higher than current levels (as execution commences in international orders against received advances), KEC should operate in a much better macro environment compared to the liquidity...