Key takeaways: a) The (standalone) order book was ₹14,900 crore (up 5 per cent y-o-y). Domestic T&D plunged 30 per cent, whereas growth in overseas T&D (up 22.4 per cent y-o-y) and infrastructure was strong. The company is now L1 for orders of ₹1,500 crore, mainly overseas T&D. Because of its 15-16 per cent market share, it expects significant inflows from the recently tendered out T&D orders of ₹8,000-9,000 crore. It has retained its FY20 order-inflow guidance (about ₹90,000-1,00,000 crore). Management maintained FY20 revenue growth guidance of 18-20 per cent. We expect revenue to clock a 14 per cent CAGR over FY19-22.
b) Despite its operating leverage, the company expects to sustain margins at FY19 levels due to higher execution in the low-profitable business (railways and pipelines).
