Quarterly results surprised us on positive side BEL reported earnings which were better than our expectations at 541 mn, against our expectations of a loss. Revenues de-grew by 19.7%/71.4% yoy/qoq to 16.4 bn, which were above our expectations as the company executed the ventilators order of 4 bn in the quarter. Exventilators, the revenues dropped by 40% yoy. LRSAM, Smart City business, Intelligence Gathering Systems, Thermal Imaging Cameras and Radar repairs were the other revenue contributors in Q1. Reduction in RM to sales at 49.3% led to gross margin expansion at 50.7%. EBITDA margins came in at 8.8% which were down by 780 bps yoy, but were still better than our expectations of operational loss, on gross margin beat. PAT as a result of this came in at 541 mn, which was better than...