PNC's order book (OB) was at | 8,696 crore as of Q3FY20, implying order book-to-bill ratio of 1.9x on TTM revenues, giving us comfort on revenue visibility ahead. This does not include Challakere-Hariyur project (BPC: | 1,157.0 crore) and EPC project in Uttar Pradesh under NHDP Phase-VII as appointed dates on these projects are awaited. The company has submitted bids for projects worth | 15,000 crore and has further identified 40 projects to bid for in Q4FY20. With this, it has maintained order inflows guidance of | 5,000-6,000 crore in FY20E. On the execution front, execution in six out of...