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Project execution is limping back to normalcy as per expectations, though there is a concern on more localised lockdowns and slowdown due to social distancing norms.
Public sector ordering traction is gradually picking pace albeit slowly; however, large private and core sectors are in a wait-and-watch mode.
The recent spurt in terms of Covid-19 infections and calibrated measures taken by certain state governments are likely to impact the pace of growth recovery.
Pro-growth budget announcement with focus towards deficit spending on infrastructure is likely to crank up public sector demand.
We factor-in revenue growth of 25.7% YoY in Q4 FY21E for our coverage universe, given the low base of Q4 FY20.
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