Adjusted PAT declined by 9% YoY to INR20.5b and was in line with our estimate (base year benefitted from bulky Real Estate sales). The company maintained its order inflow/revenue/core margin guidance, though it did highlight some risk of a spillover of order inflows from 4QFY22 into FY23. Adjusted for the HSR order won last year, core E&C order inflows grew 26% YoY to INR380b, with a two-year CAGR of 13%. On the execution front, core E&C domestic revenue grew 13% YoY (two-year at 6%), while international E&C revenue was flat. On the margin front, L&T has done a commendable...