Strong rural presence drives faster recovery in ECD demand The ECD segment revenue in Q1FY21 fell ~50% YoY due to almost nil sales in April 2020. However, the company saw a demand recovery of 50% in May 2020 while June 2020 sales rose 4% compared to the same period last year. The faster recovery was supported by BEL's strong presence in suburban and rural markets. On the project business, revenue fell ~60% YoY in Q1FY21. On the project front, BEL has changed its strategy to bid only transmission line towers (TLT) and illumination projects and reduce the...