M&M; + MVML Profit for the quarter de-grew by 97% YoY to Rs 678 Mn during Q1FY21.Net sales stood at Rs. 55,894 mn (-56.4% YoY / -37.9% QoQ). Gross margins expanded by 31 bps to 35.2% driven by commodity cost benefits and cost rationalization measures by the company. EBITDA was at Rs. 5,732 mn (-68.0% YoY / -53.3% QoQ) with margin of 10.3% (-38bps YoY / 34bps QoQ). The total volumes (auto + tractors) de-grew by 58.5% YoY to 90,536 units led by subdued demand. The blended realisation has seen an...