Second wave of Covid- A temporary blip in execution: We expect subdued execution in Q1FY22 impacted by second wave led partial lockdowns. 1Q revenues stand affected by 1) lower execution given labour availability fell by ~20-25% v/s pre-covid levels (mainly in Apr-May'21) and 2) toll collections dipped 15-20%, as economic activity witnessed slowdown. However, on low base in FY21 due to complete lockdown(s), revenues are expected to see a growth of 55% YoY (average). EBITDA margins are likely to be impacted by higher pandemic related cost and negative operating leverage. We expect execution to approach normalcy...