26 June 2020 ENDUs 4QFY20 performance miss was majorly due to the COVID-19 led lockdown. Miss in EU revenues and higher other expenses in India led to miss at adj. ENDU continues to outperform the underlying 2W industry and this gap should widen further due to new customers and content increase. EU subsidiaries also continued to outperform the underlying EU PV industry. We have cut our FY21E EPS by 4%.to factor in the near-term weakness in the 2W industry. However, we have increased FY22E EPS by 8% to factor in the recovery and new order wins. Maintain with TP of ~INR1,065 (23x Jun22E EPS). S/A revenues declined ~14% YoY to ~INR11.3b (v/s est.