Q1 revenues were in line with estimates (refer Exhibit 1), though PAT was ahead of estimates on lower interest costs. It has done a capex of Rs19bn, while capitalization was Rs12bn, during the quarter. It has guided for a capex of Rs105bn and capitalization of Rs200250bn in FY21. The current CWIP Rs363bn, while work in hand is Rs510bn. With reducing capex, we believe that dividends payouts can...