operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 5.8%) in Q1FY21 led by sharp gross margin contraction. Overall, EBITDA de-grew by 79% YoY is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers to 90mn in Q1FY21. Lower than expected operating profit led to a net loss of Rs116mn in for margin improvement. However, we believe current valuations already discount most of the Q1FY21 as compared to profit of Rs79mn in Q1FY20. positives of the better product mix, growth at export front and margin improvement and hence...