Q4FY20 consolidated revenue fell 25.7% to Rs. 20,182cr, while EBITDA margin shrank 270bps YoY to 12.0% on increased costs. Adj. PAT declined 37.9% YoY to Rs. 448cr. Company wrote down its investments in US-based electric 2-wheeler business GenZe and S. Korea based automaker SsangYong Motor Co. We expect recovery in upcoming quarters as markets open up. As a market leader in farm equipment business, M&M; should benefit from pickup in tractor sales in coming months. We maintain our HOLD rating...