visibility for two-three quarters. Enquiry levels continue to remain healthy sectors like infra, water, power, mining, Oil & Gas, ports, pharma, data centers etc., to be major growth drivers. We remain positive on the company due to strong business model, debt free balance sheet and consistent free cash flow generation (current cash of ~Rs5.5bn). Based on recent development, we have revised our ear nings downwards for FY21E/22E by 5%4% while kept FY23E largely unchanged. The stock is currently trading at valuations of 12.3x/10.3x FY22E/23E earnings. We...