L&T had an excellent quarter and H1 led by: 1) a substantially higher order inflow; 2) completion of buyback; and 3) continued improvement in working capital. Order inflow for Q2 and H1 (ex-services) was INR 892bn, +100% YoY (vs. est. INR 600bn) and INR 1.25trn, +90% YoY.