While the topline performance is expected to remain fairly subdued in FY2022E, margin trajectory is seen improving, largely on the back of actions initiated on the cost front. ALL's cost savings programme K54 has delivered benefits worth ~| 500 crore in FY20, with the focus remaining on driving further efficiencies across areas in coming quarters. Modular programme AVTR is also seen helping by reducing inventory needs and production complexity. ALL expects to close FY22E with much better profitability levels than FY20. We build uptick in margins to 10% by that time, also factoring in...