Q2FY21 results were subdued due to lower volumes, but came in above estimates. Revenue was marginally lower by 3% yoy at Rs21.3bn (est.: Rs21.8bn). EBITDA margin contracted 260bps to 22.1%, but was better than expectation of 18.7%, owing to betterthan-expected gross margin and lower Other expenses. We expect 2W volumes to rebound strongly, aided by ramp-up in production, healthy order-book, aggressive launches and focus on network expansion. Volume CAGR is...