Management expects recovery from H2FY21 supported by macro tailwinds along with margin expansion on back of better product mix and operational efficiency. FY21 will see the start of contribution from CSF, CRC and toys and will be further ramped up in FY22. Further FY22 will also witness revenues from medical devices and auto contracts. We maintain our forecasts of revenue/ EBITDA/PAT CAGR (FY20-22) of 19.6%/19.1%/25.2% to Rs 4805m/Rs 824m/ Rs370m in FY22E. Going ahead, healthcare will be an area of focus and likely to see 2-3x growth in next 3-5 years (based on ongoing discussions and orders in hand) making it the second highest revenue contributor after HF (~55%). We feel this...