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Project execution is limping back to normalcy, though there is a concern due to social distancing norms.
Steel companies are gearing up towards capacity expansion and this can result in a major uptick in the overall private sector ordering activity in medium to long term.
There has been buoyancy in private sector led by cement, process industries, chemicals and pharma.
Public spending towards infrastructure and traction from multi-lateral projects continues to fuel demand.
We factor-in revenue growth of 39.6% YoY in Q1 FY22 for our coverage universe, given the low base of Q1 FY21.
Over a lockdown impacted low base, profit after tax is likely to turnaround to Rs 24.4 billion.
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