Business Update Domestic revenue were up 68% YoY of which power gen revenue came in at INR6.4b (+148% YoY), industrials revenue came in at INR2.3b (+34% YoY) and distribution revenue up 15% YoY at INR3.7b. Exports were up 10% YoY to INR4.4b. One large one-time domestic order of USD20m from data-center helped growth in revenues. Demand environment looks good across end markets. Demand outlook Construction activity is coming back, especially the road construction. Mining continues to be strong, especially given the increase in commodity costs. Rail is still sluggish while marine should start picking up end of this fiscal. On export market – Middle East has started recovering on account of oil prices and APAC looks better relatively. LATAM and Europe are lagging behind and should recover in next two quarters. Margin outlook Company has managed to keep other expenses in control. Operating leverage aided margins in 2QYF22. With rising sales, KKC has started providing for warrant...