Steady quarter amid challenging times, healthy order book & execution capabilities to support top-line growth, pressure on margins likely In 4QFY20, KEC's consolidated revenue declined by 4.4% YoY to 36.7bn; COVID-19 impact towards end of Mar-20 resulted in 5-6bn revenue miss. The execution across Railways (+36% YoY) and SAE (+39% YoY) remain strong, though transmission (-17% YoY) and cables business (-38% YoY) suffered impact of Covid led disruption. The SAE business remained operational throughout the quarter while railways demonstrated quick ramp-up post initial hiccups. During 4QFY20, overall T&D; business revenue declined by 11% YoY to 24.6 bn, while the revenues...