On YTD basis, KEC International (KECI) has achieved an order intake of Rs210bn (+49% YoY) against our FY23 estimates of Rs200bn, led by growth across businesses. Interestingly, as indicated in our earlier note Capital Goods: Revival in transmission capex on the cards, we have started seeing a pickup in domestic T&D awarding with PGCIL being awarded 8 projects (4 projects in 9MFY23) on TBCB basis.