Negative surprise in revenues was offset by a positive surprise in EBITDA margins, resultingininlineoperationalresults. 9 EBITDA margins expanded 100bps yoy to 8.6% aided by a turnaround in SAE and benefitsoflowerrawmaterialpricesonfixedpricecontracts(~50%oforderbook). Key highlights: 1Q order inflows declined 8% yoy to Rs 28.3bn due to a higher base yoy. Orderbook(Rs104bn)increasedsequentiallybutremainedflatyoy.RevenueatRs17.5bn( 7%yoy)werebelowourestimatesmainlyon:(1)slowerthanexpectedexecutioninitsT&D; segment (66% of total) where revenues fell 13% yoy and (2) lower commodity prices...