It bagged INR90-100b in awards in recent months, which is a positive sign, given a declining order book. Nevertheless, the capex trajectory is on a decline. With proceeds from InvIT, we see strong scope for higher dividends. Valuations at 1.6x FY22E P/BV and 7-8% dividend yield remains attractive for a company with steady RoEs of 17-18%. We maintain our Buy...