Volatility in financial markets (debt and equity) during FY20 led to net reduction in other income worth ~Rs217mn, primarily on account of MTM loss. Voltamp Transformers reported healthy set of numbers however lower Other income (MTM loss) dragged profitability. Based on our estimates, order inflow stood at ~Rs2.5bn (up ~33.5% YoY) as on 4QFY20, translating order backlog to Rs4.7bn (executable over next two-three quarters). We expect Voltamp to report muted volume CAGR over next two years (FY20-22E) owing to weak...