Target saving of ~100bp in FY21 from LEAP 2 program (v/s 60bp in FY20). HMCL's Q1FY21 performance was mixed with realizations beat at Rs52.7k/unit (PLe Rs48k/unit) offset by lower gross margins at 29.5% (PLe 32%). The management indicated sustenance of current demand momentum led by rural as well as shift towards personal mobility. With increased focus on cost control measures such as LEAP 2 (target savings of 100bp v/s LEAP 1 saving of ~50bp) in addition to recovering volumes, HMCL is better placed...