Revenue was 15% below our estimate in 4QFY21, with lower miss (6%) on operating profit. This is largely attributable to higher operating leverage and margin uptick. While margin across segments moderated sequentially, it stood higher YoY (barring the Environment segment), owing to improved execution in the Energy segment, higher mix of Specialty Resin in the Chemical segment, and ongoing cost controls. Order inflows grew 57% YoY to INR15b in 4QFY21 after declining for four consecutive quarters. Recovery was seen across sectors like Cement, Metals,...