30 July 2020 MSILs 1QFY21 revenues declined 79% to ~INR41b; EBITDA/PAT loss was reported at ~INR8.6b/INR2.5b. MSILs domestic PV market share declined sharply by 430bp YoY (700bp While MSILs 1QFY21 performance was insignificant as normal operations were there only for two weeks in 1Q, commentary on demand recovery is positive. However, commentary on demand recovery is positive. Management has not given any demand outlook as the situation in dynamic and operating environment is changing frequently. We upgrad our FY21/FY22E EPS by ~13%/5% to factor in for cost cutting initiatives, higher other income and lower depreciation. Maintain QoQ) to 47.3% in 1QFY21 due to supply side challenges. Net realization saw steep increase of 9.3% QoQ (+13.2% YoY) to ~INR536k (v/s est. ~INR471k) as non-vehicular revenue contribution was very high, though vehicle ASP were stable. Gross margin contracted ~120bp QoQ (140bp YoY) due to sharp decline in inventory levels (impact of INR1.1b or 3.