MSIL Q4FY20 results were below our and consensus estimates at operating level. EBITDA margin declined to 8.5% vs our and consensus estimates of 9.7%. Margins were majorly impacted due to higher other expenses. Adj. PAT for the quarter stood at Rs12.9bn marginally above our estimates of Rs12.5bn. We believe lockdown and risk aversion has significantly impacted footfalls at dealerships. Being discretionary in nature, demand for 4W to be significantly impacted even post lockdown, given likely erosion of purchasing power with lay-offs, pay-cuts etc. We expect 4W industry to decline in double digit in FY21. The challenges for the industry and MSIL are likely to get...