deferment in offtake by customers, slowdown in short-cycle business and weak demand environment from large infrastructure projects. As per our estimates, order inflows decline by 20% YoY to ~Rs30bn, thereby leading to 4% YOY decline in order backlog to ~Rs125bn. Management indicated that capex spending will continue to remain weak in the near term due to overall slowdown in the economic activities and various countries facing restriction on anticipation of long-term economic consequences. Further, we believe that the numerous stimulus packages announced by various countries would...