We cut our FY21/FY22E EPS estimates by 28%/12% due to lower order 4QFY20 revenues declined 36% to INR13.2b and were 23% below our expectation. of overall revenue) declined 6% YoY to INR1.0b. Order inflow declined 18% YoY to INR9.5b for the quarter. Order book stood TMX is witnessing inquiries and order conversions in end markets like pharma, chemicals, refineries, food and food processing. PAT CAGR of 6%/15%/35% over FY20-22E, factoring in lower losses from Danstoker as well as the low base of FY20 as TMX saw disproportionate impact of COVID- Order inflow during the quarter was lower at INR9.5b (-18% YoY). Book to bill stood lower at Energy INR35.6b, Environment INR16b, There have been no order cancellations as yet. Order book in FY21 will be lower YoY as orders from Steel, Cement and Fertilizer sectors is expected to remain muted.