EBITDA margin improved to 10.6% (vs 5% in the previous quarter last year) due to lower employee expenses and material costs. Higher other income (182% YoY) and the lower tax rate of 23.9% supported PAT to rose to Rs31cr YoY (vs. Rs33cr loss in Q1FY21). Management expects execution to ramp up going forward and guided Rs1,400cr of revenue in H2FY22 led by strong tender pipeline. We revised our rating to Accumulate Due to the recent uptick in...