STL's net revenue declined 81% YoY to Rs 203mn, due to slowdown of demand across segments (mainly CVs), impacted by production cuts due to lockdown imposed across India. EBITDA turned negative to Rs 49mn, due to negative operating leverage. Higher depreciation and interest costs led to net loss of Rs 88mn. Exports declined by ~85% in Q1 due to lockdowns imposed across geographies. STRT's addition of Hyundai to its new customer list will lead to incremental revenues from FY22. This along with its long-term...