ABB's 4QCY21 revenue grew 24% YoY and was in line with our estimates. However, EBITDA at ~INR1.9b was 6% below our estimates because of lower EBITDA margin at 8.8% (v/s expectation of 9.3%). Other income was at INR599m (110% higher than our estimate), which was partially offset by lower depreciation and higher effective tax rate (32.8%). As indicated by the management, there are signs of green shoots across key end-markets such as renewables, water and waste water, data centers, warehouse and logistics, power distribution, marine and railways. However, cements, oil and...