We expect healthy revenue/ APAT CAGR of 13.9%/ 16.8% over FY2023E. Moreover, revenue/ APAT growth slows down to 1.2%/ -8.1% in FY21E due to lockdown impact and jumps back to revenue/ APAT growth of 22.4%/ 38.7% in FY22E driven by stabilization of labour and supply chain issues coupled with execution from 4 HAM/ 2 EPC/ 1 Irrigation project where AD is expected between Dec'20/ Jan'21 and 1 water supply project in Q3FY21E. The current core construction valuations of 10.5x/ 7.6x FY21E/ FY22E EPS are attractive. Thus, we...