We have guided that margin will lie within 18-20% and debt equity will go from one to 0.5, says Anand Agarwal, Group CEO. Seems like Q1 has been a challenging quarter. What were some of the primary pain points and how long do you see this continuing? Do you see any kind of relief, what it is looking like?Q1 was clearly a quarter where we got impacted by lockdowns at a global level. A lot of our operations got impacted. For the entire month of April, our operations were practically not running across the globe and for the month of April and May the projects that we do, the system integration projects were not running. Since June, they have started getting back on track, So, I would say, in June, a good part of the entire thing was coming back to normal and Q2 should be largely normal, other than in a few states where we are getting slightly impacted. But all our operations, all the manufacturing operations are back, in fact they are at better than pre-Covid levels. Global fibre prices have corrected. How do you plan to protect realisations there? Could you look at offering differentiated value added services or products with less competition, better tech and hence higher realisations?Absolutely and this we have been doing. The fibre price correction happened in late 2018 and over the last five years, we did several things. We started moving a whole lot into the entire end-to-end system integration projects and that was one large move. Second move was towards selling more products in finished cables. That was the second one that we had done. The third was towards doing a lot of products which are value added and the next generation products through R&D and development and fourth was the market shift. In the fibre business, almost more than 45% to 50% of the revenue comes from Europe and the Middle East where we are not seeing any price impact. It is largely structured in a closed market which is China right now. Most of the big telecom companies in India are pretty much done with their capex and we do not know when 5G rollout will happen. It is a big question mark. Is there correlation between telecom companies, capex and the rollout they are doing and your local demand?Yes, actually the capex is restarting. You are absolutely right, in 2019 most of the capex had slowed down but this year we have seen an upsurge in capex from all the large telecom companies. We are seeing large fibre to the home projects being deployed. We are seeing linkages like backhaul linkage; the tower linkage is very poor, less than 30% of towers in the country are connected by fibre and we are seeing a large project in terms of connecting all these towers with optical fibre. We are working with both the large telecom companies in the country and with a good amount of order book from them. In 2020, we have seen a clear resurgence of capex spending and post Jio recapitalisation with the funding coming in, there is a big appetite as well as desire to move into fibre to home, fibre to enterprise, fibre to small cells, fibre to the kirana stores. It is getting to be a very high degree of fiberisation. Why was there a collapse in your product prices 12 months ago? That shook the market, that shook your investors, your stock. Why did it happen?Essentially, all the collapse that happened was triggered within China. There is one large tender which is given by China mobile which is an order that is almost 20-25% of the global volume. Say global volumes are about 500 million kilometres and the China mobile tender is for 100-120 million kilometres. Essentially the local players bid anything because for them, it is almost like a digital 0-1 situation, whoever qualifies for that tender gets their volumes booked for one year and that becomes a large trigger. The same thing is happening in the current year also, but in the current year the situation is slightly different because we are seeing demand increasing at a global level. Most of the Chinese manufacturers are limited to within China and so the overall market has broken down now. The China market is also under stress as they could not go out and had to participate in one large tender. In markets outside China, we are seeing renewed buildouts happening. We are seeing a huge amount of capital inflow coming in from private equity players, governments, cloud companies as well as the telcos themselves because everyone is clearly realising that this shift towards digital is permanent and the current networks are not designed to handle the kind of traffic as well as the quality of traffic that is happening. We are seeing a major upsurge in the kid of participation funnel, order book, etc. We are seeing it in India. We are seeing it in the Middle East. We are seeing it in Europe as well as other markets. We believe this is a start of a five-six years build out cycle where the networks will have to be very structurally strengthened across the globe and we are seeing that right now. Currently there is a clear prioritisation of local manufacturing. We may use the term Atmanirbhar Bharat in India, it is called America First by the Trump administration. Given that you export to China and we know there is a rhetoric against Chinese manufacturing. You are exporting to Europe also. Do you potentially see a challenge because if an Indian manufacturing company is trying to export to other pockets like China and Europe, could that invite tender challenges or crawl back taxes?We see this as a large opportunity because we are present in all these countries. We are not exporting to these countries, we have local presence. China currently is less than 4% of our revenues and we cater from our local Chinese manufacturing. In Europe, we have both our manufacturing facility in Italy as well as a data centre sister integration facility in the UK. In Latin America, we have another facility. So for us, whichever markets we are present strongly in, in terms of our revenue profile, we are the local players there. To that extent, we are fully qualified even if there is a shift or a trend towards localisation. In fact, for all the projects which have the US first opportunity, there are a list of friendly countries which qualify also as within that US interface. Both our UK and Italian operations get qualified within that. So if there is a shift towards nationalisation in most of the geographies or location, it actually impacts us positively rather than negatively. In terms of FY21 and FY22 on revenue, margins as well as business mix and profitability, what kind of guidance can you give to us as well as your shareholders?At a macro level, we just had our analyst date earlier this month and we have guided that by FY23, we will be doubling our revenues. We will be going from Rs 5,000 crore odd revenues that we closed FY20 with. By FY23, we will be doubling and we will be north of Rs 10,000 crore. The other guidance that we provided was that our debt equity, which is close to level of one, we will take it closer to 0.5. The third one was that our return on capital deployed (RoCD), which we have maintained north of 20% over the last five years, we will continue to do that. We are working in accordance with a structure and a roadmap that we are putting for ourselves. An additional outlook that we provided with our recent results last week was that H2 of FY21 will be better than H2 of FY20, considering there is no force majeure event. And post this, we get back to our track of growth to a double over our revenues. So that is the perspective. In terms of margins, we have guided that it will lie within the range of 18% to 20% and the debt equity will go from one to 0.5.