EBITDA loss stood at INR5.6b (v/s profit of INR14b last year) due to lower absorption of fixed cost. EBIT loss stood at INR3.7b (v/s revenue was down 7% YoY to INR55b. Total receivables remain elevated at INR365b, of which 12% is from the private sector, 47% is from state entities, 34% is from the Center and 7% is BHEL continues to struggle on account of cost at ~25% of sales. In FY20, working capital deteriorated to 99% of sales from 65% in FY19 on account of higher inventories, slow movement in receivables We have cut our FY21E/FY22E earnings estimates by 46%/17% to account for the poor execution and weak ordering environment. EBIT loss stood at revenue was down 36% YoY to INR150b. EBIT loss stood at INR3.7b (v/s profit of INR349m YoY). BHEL continues to struggle on account of (a) the weak ordering environment in the power sector, (b) high receivables of INR365b, and (c) high employee cost at ~25% of sales in FY20.