Eicher Motors (EIM) Q1FY21 EBITDA/PAT number below our estimate. Revenue de-grew by 66% YoY to Rs.8.18bn led by 68% YoY fall in volume. EBITDA de-grew 99% YoY to Rs.38mn (vs est. Rs 646mn) with margin at 0.5% due to negative operating leverage. Enquiries and booking are almost back to pre-covid level for RE, however production was severely impacted due to frequent lockdowns in Chennai, affecting availability of products. Strong demand was witnessed in Tier 2/3 cities and rural areas, while demand in larger...