4QFY18. FY19 capitalization stood lower at Rs192 bn compared to Rs260 bn in FY18. For FY20, management guided for lower consolidated capex Rs150 bn (FY19 258 bn) and capitalization of Rs200-250 bn which will be mainly due to Raigarh-Pugalur 800 project. Total works in hand stood at Rs610 bn (TBCB Rs90 bn) and management indicated opportunity worth Rs190 bn in FY20 which is mainly coming from Green Energy Corridor (Rs93 bn Interstate and Rs97 bn Intrastate). We expect company to announce higher dividend payouts due to lower capex guidance (45% in FY19 vs 35% in FY18). We have...