1Q a washout: We expect 1QFY21 to be a wash-out quarter for our infra coverage universe with an average revenue fall of ~65-70% YoY. This would be primarily attributed to a) nationwide lockdown and Covid-19 pandemic halting construction activities across the country, b) concerns on availability of labour force (average availability of 15-25% pre-Covid levels) and c) stoppage of toll collection in Apr'20 followed by sluggish pick-up in operations thereafter. We expect most companies to report EBITDA loss as fixed expense remains high resulting into negative operating leverage. Adjusted PAT is expected to fall sharply by ~273% YoY due to...