SIEM has well-diversified product offerings across power, infrastructure and industry verticals and the impact of economic slowdown is more profound compared to say ABB, which is now a pure play products & services company. Over FY14-19, the continued business segmental EBIT CAGR stood at 21% v/s revenue growth of 9%. Over FY19-22, we forecast continued business segmental EBIT CAGR at 15% v/s revenue CAGR of 9%. We attribute margin expansion to (a) better sales mix, (b) rising share of services and (c) operating leverage in industrial automation segment of the business. There is scope of margin expansion in mobility segment as well given benign competition as the established player CG Power is struggling. economic slowdown impacting top-line growth, the company did well on working capital management. Adjusted for L&A; to related parties, the working capital cycle stood at 47 days in FY19 v/s 59 days in FY18.