Q1 revenues were largely in line (refer Exhibit 1), though PAT was ahead of estimates on higher surcharge and dividend income and lower interest costs. It has done a capex of Rs31bn, while capitalization was Rs106bn, during the quarter mainly due to Raipur Pugalur HVDC line of Rs95bn getting capitalised. It has maintained its guidance for a capex of Rs105bn and capitalization of Rs200-250bn in FY21. The current CWIP Rs282bn, while work in hand is Rs410bn. As capex reduces, we believe that it can increase...