witnessed sharp improvement in enquiry levels from some of international Process co-generation mainly distillery and cement, Pharma, F&B;, steel, waste to heat recovery. Given strong enquiry levels both domestic and to pandemic continues and expect revenue decline of 10-15% with margins being in the similar range of 9M (~21-23%) for FY21E. We believe, company's strong margin profile, lean working capital, healthy cash flows (~Rs3bn),...