Looking at strong business outlook, project execution and continuously growing portion of Renewable energy into its portfolio, we see strong growth potential in the business. However, rising fuel costs may put margins under pressure in the near term. Hence, we downgrade our rating to HOLD with a revised TP of Rs. 204 based on 1.5x FY24E BVPS. Resilient topline growth; Margins under pressure The company's standalone revenue grew by 3.4% YoY to Rs. 10,001cr on the back of decent performance by Transmission and strong growth in Consultancy, partly offset...