The engineering conglomerate reported a surprise 11% year-on-year jump in order flows to ₹38,700 crore. Note that investors had hammered the stock over the last few trading sessions, expecting a drop in order flows. The increase in order flows came primarily from the domestic market, despite tough conditions. Besides order flows, the Ebitda (earnings before interest, taxes, depreciation and amortization) margin was at 11.2%, or 100 basis points higher year-on-year. However, a slight drag in margins of its core business of infrastructure (engineering and construction) mirrors pressure in long-gestation projects.

Source: Mint July 23, 2019 17:37 UTC