The standalone revenue (~65% of total sales) witnessed a slow recovery (only 56% of pre-Covid level) as channel inventory remained higher in Q2FY21 (channel inventory at 40% of pre-Covid volume). We continue to expect a strong H2FY21 for domestic markets amid low base and refilling of channel inventory. On the international front, the revenue growth at 4% was led by Climate Technologies (Australia). We model, revenue CAGR of 11% in FY20-23E supported by ~12% and 10% revenue CAGR in the overseas...