Driven by increasing preference for personal mobility, better financing availability and strong rural pick up, MSIL printed strong numbers in Q2FY21. EBITDA grew 20% YoY to Rs. 19.3bn with expanded margin at 10.3% (+86bps YoY) led by lower discounts ( Rs 17.3k/vehicle vs Rs.25k in 2Q last year) and cost control measures, partially offset by commodity inflation and adverse FX movement. PV demand has recovered in the past 2-3 months and dealer confidence has improved materially after strong Navratri sales, this...