KEC's 4QFY21 revenues came in at 43.6bn, up 18.8% YoY and 32.6% QoQ, as Railways/Civil/Cables grew by 39%/190%/61% YoY while T&D; declined by 6% YoY. For FY21, incremental growth came in from Railways & Civil segment which grew by 34% and 187% YoY respectively. Overall, T&D; contributed (51%) followed by railways (28%), civil (11%) and cable (8%) to revenues. EBITDA margin stood at 8.7% vs. 10.3% in FY21 mainly due to volatility in commodity prices. During 4QFY21, the overall T&D; business (including SAE Tower) revenue declined 6% YoY to 23.2bn. Non-T&D; business improved 66% YoY to 21.3bn, largely contributed to revenue growth as railways & civil business segment witnessed rampant growth. The railways business revenue came in at 1.2bn, up...