After posting ~42% revenue drop in Q1FY21, the company saw robust sales growth of ~13% and ~20% YoY in Q2FY21 and Q3FY21, respectively. That led to ~98% sales recovery in 9MFY21. We believe execution of pending orders in addition to new orders from existing clients helped drive this recovery. On the margin front, withdrawal of export incentives (2% of revenue) led to reduction in gross margin that finally dragged EBITDA margin down ~85 bps YoY to ~16%. According to the company, the incentive will be restored in the coming period (in the form of RoDTEP) in...