IRCON international (IRCON) Q4FY21 PAT was lower (11%) than our estimate. This was led by lower EBITDA margin. As segment wise, International EBIT margin was lower YoY. But execution (revenue) was better than estimate and in Q4FY21 it increased by 26% YoY and 82% QoQ. IRCON guides revenue to increase by 40% YoY in FY22 and EBITDA margin to increase by 200bps YoY as company is executing high margin orders in FY22E. In FY21 IRCON received order inflow of Rs42bn and 99% was from competitive bidding. FY21 Order book of Rs347bn, comprises 22% from competitive bidding. IROCN has increased dividend payout to 61% vs 46% In FY20 and paid DPS of Rs2.6/sh in FY21...