Good quarter, maintains revenue guidance for FY20; Accumulate The first quarter of FY20 was strong in terms of revenue and profitability, despite a slight decline in margins. The management, however, has retained its guidance for FY20. It has highlighted the sale of transmission asset portfolio and plans for the use of the proceeds for capex, debt reduction, and working capital. We estimate sales and earnings CAGR of 17%/21% over FY19-21E. We maintain our FY20/21 estimates and reiterate Accumulate rating for the stock, with a SOTP based TP of ` 530....