Larsen and Toubro (L&T;) reported decent performance in Q1FY2021 despite challenges. The company's operational performance was broadly in line with our estimates. L&T;'s revenue declined by 28% y-o-y to Rs. 21,260 crore, affected by 53% y-o-y decline in E&C; revenue (33% of revenue). L&T;'s core E&C; was affected by COVID-19 led stringent lockdown hampering project execution. The company lost Rs. 12,500 crore revenue in Q1FY2021 due to the lockdown. Operating profit margin (OPM) at 7.6% was lower by -273 bps y-o-y (marginally lower than estimates) as margins shrank across all segments. E&C; margins dipped by 340 bps to 3.9%, while service margins declined by 875 bps to 10.4% on losses on developmental...