BEL's E&P; segment revenue declined sharply by 53% YoY in 9MFY20 along with a reduction in order intake (| 4844 crore in FY19 vs. | 1742 crore in Q3FY20). The management plans to reduce the power distribution business in FY21E-22E by focusing on TLT and illumination (relatively better margin and asset turns). This is evident from the sharp reduction in receivables from | 2055 crore in FY19 to | 1470 crore in 9MFY20. This led to an improvement in cash flow and reduction in debt by ~| 200 crore in Q3FY20. The management has guided that with the infusion of equity (raised through...