KEC's 1QFY21 revenues came in at 22.1bn, down 8.5% YoY. EBITDA margins came in above consensus estimate at 8.8%, down 160 bps YoY. With reopening of lockdown, operational ramp up has been encouraging with all manufacturing units now operating at pre-COVID levels, work resuming across sites and labour strength more than 80% of pre-COVID level. The order inflow during the quarter remained healthy, with new order wins worth 19.3bn (+73% YoY) (75% from T&D;, 13% from Civil and 12% from Cables). The company highlighted continuity of a (1) robust tendering momentum and, (2) push to ramp up execution from Railways pertaining to OHE (overhead electrification), Signaling & Communication....