TMX's 3QFY21 revenue was in line with our estimate, with higher beat on operating profit owing to favorable revenue mix and higher volume. Margin beat was across segments, with higher margin in the Energy segment due to partial execution of a high margin international order. Order inflows declined 3% YoY in 3QFY21, with order pipeline slightly higher as compared to the same period last year. Recovery was seen across sectors like Cement, Steel, Distilleries, F&B;, and Pharmaceuticals. In 9MFY21, order inflows stood at INR32.9b, down 28% YoY....