FY21 domestic tractor industry growth guidance at 10-12% (v/s 5% earlier). M&M;'s 2QFY21 results exceeded our expectations with record EBITDA margins delivery by M&M;+MVML's at 17.8% (+370bp YoY, PLe ~14%). The beat was led by strong performance in FES. EBIT margins for FES was recorded at 24.4% (+5% YoY) led by operating leverage and cost controls. In 2QFY21, with focus on prudent capital allocation, M&M; exited Gipps Aerospace business (Aircraft manufacturing division). Also it was able to turn...