Increase in order inflows (+9% YoY) was mainly on account of a large FGD order received from Jharkhand. Order book stood at INR54.4b (-16% YoY). EBITDA growth of 5.4% YoY to INR1.1b was in line with our est. while EBITDA margin PBT declined 6% YoY to INR1.1b (7% miss) due to higher depreciation and lower other income. Order inflow increased 9% YoY to INR16b (due to INR4.3b FGD order in Jharkhand). We roll forward our valuation on Sep21E EPS to arrive at TP of INR1,200 (unchanged target multiple of 30x) Order inflow during the quarter stood at INR16.1b (+9% YoY), led by a large FGD Order backlog stands at INR54.4b (-16% YoY), providing revenue visibility of 0.8x its TTM revenue, lowest in the last 11 quarters. Current order backlog stands at INR54.4b (-16% YoY), providing revenue visibility of 0.8x its TTM revenue, the lowest in the last 11 quarters.