Bajaj's CP EBIT margin increased 190 bps YoY to 8.7% in Q4 (up 320 bps YoY to 9.6% in FY21) led by price hikes and higher operating leverage. On the EPC front, the company managed to reduce losses from | 23 crore in Q4FY20 to ~ | 8 crore in Q4FY21 due to reduction in exposure of low margin orders and various cost optimisation measures. While BEL guided that project business will start a positive contribution from FY22E onwards, the CP segment margin would see further improvement (EBIT margin of 10%+)...