maintaining annual margin guidance at 11%. MEP segment shall continue to focus on domestic projects in Urban Infra and Rural Electrification. With Voltas Beko JV to remain in an investment phase over the next 2-3 years, we expect the JV to drag profitability in the medium term and report a loss of Rs1.5bn/Rs1.2bn in FY20/21. We estimate 18% EPS CAGR over FY19-22 and value the stock at 28x Sept21 EPS. Maintain Hold with a target price of Rs662. Sales flat at Rs14.2bn; Adj PAT up by 8.8%: Revenues were flat YoY at Rs14.2bn as gains from UCP segment were offset by fall in EMPS segment. Benign...