Q2 was a gradual improvement over Q1 with revenues down 28% YoY, driven by a dip of 16% in the unitary cooling business at Rs3bn. The project business was down 31%, impacted due to sites with sites operating at 65-70% levels in Q2 as they open up. While revenues came in line, EBIDTA and PAT were better than estimates (Exhibit 1) Both the businesses are expected to show improvement as the economy opens up, with company expecting better H2 margins. The AC business is expected to normalize by Q4FY21, which is the next big...