Considering the short-cycle nature of ABBs business and expectation of gradual recovery coupled with the impact of fixed costs, we have cut our CY20E/CY21E earnings by 60%/25%. PBT of INR648m saw negative impact due to (a) revenue shortfall of INR3.2b, which led to an impact of INR1.12b, (b) INR depreciation impact of INR350m, Exceptional item includes gain of INR384m which pertains to reversal of exceptional costs (related to sale of the Solar Power business) Total order inflows stood at INR19.5b, up 10% YoY. Given the short-cycle nature of its business and expectation of a gradual recovery coupled with the impact of fixed costs, we have cut our growth in services/exports revenue, which is our key investment thesis for There is no change in short/medium/long-term strategy. Lost INR2b on revenues and INR1.75b on collections due to the lockdown in Exports stood at 10% in 1Q v/s 14% in CY19 as the company could not ship out some orders toward the quarter end.