project sites fell to ~30% levels, but improved substantially with ease in lockdown restrictions and fall in cases. Though it is yet to reach pre-covid levels in many sites. Even with healthy order book and rising execution pace, management gave conservative guidance of 10-15% revenue growth in FY22 considering headwinds of second wave (and a possible third wave). EBITDAM is expected to be in 11-12% range, given major provisioning now complete. We believe ACIL is one amongst few EPC companies that turned around with significant improvement in profitability through its sound business strategy,...