NWC raised to 23.7% (as % of sales) compared to 18.1% in FY19 due to payment delay from public segment and advance payment to vendors. L&T; reported a decent set of numbers higher than our estimates as well as the street estimates, amidst pandemic. Consolidated revenue for the quarter was up 2% YoY largely led by growth in Hydrocarbon (15% YoY), IT & technology services (69% YoY) and Financial Services (6% YoY). Also, order...