26 June 2020 Revenues came in higher than estimated, led by superior performance in the Turnkey segment (74%/50% YoY increase in 4QFY20/FY20). With this, the revenue share of the low-margin Turnkey segment stood at 51% in FY20, up from 45% in FY19. An adverse revenue mix led to decline in EBITDA margins in 4QFY20/FY20. The order book declined 15% YoY to INR95.5b, with OB/Rev at 3x, the lowest in the last four years. With superior execution and lower order inflows, a depleting order book remains a concern, although it is not alarming at this stage. We tweak our FY21/FY22E EPS by -2%/+1% and maintain our Buy Revenues came in at INR8.5b, up 39% YoY (11% above estimate). EBITDA stood at INR1.1b, up 19% YoY (in-line). The EBITDA margin declined 220bp YoY to 13% on an adverse revenue mix. PBT stood at INR1.7b, up 17% YoY (in-line). The effective tax rate stood at 24.7% in 4QFY20 (v/s 35.