This, coupled with the tax benefit on accumulated loss in the OTR business, offset the impact of Hence, we largely maintain our estimate, which implies ~2%/12%/15% CEATs revenues/EBITDA/PAT grew -11%/23%/-12% YoY in 4QFY20, and growth in FY20 stood at -3%/13%/-15%. However, higher expenses at the new TBR plant, partially offset by lower tax, resulted in 12% YoY decline in adj. For FY21, it should be better for Farm>2W>PC>CV as CVs RM cost would drop as natural rubber/crude prices have declined ~15%/50% from pre-COVID levels; however, the benefit would reflect only FY21 project capex guidance reduced to INR55.5b (v/s earlier guidance of INR810b), plus INR11.5b in maintenance capex. Of the total project cost of ~INR40b for capacity additions, the company has to date It has received approval from NCLT for the merger of the OTR business (100% sub) w.