Strong margin of UCP segment drives bottomline While the EMPS segment margin was down ~311 bps YoY at 1.4%, the UCP profitability surged 423 bps YoY to 14.6% in Q4FY20. While the management refrained from giving any future margin guidance, we believe FY21E margin is likely to get impacted by lower operating leverage. However, we also believe ~| 800 crore of liquid asset on the book would...