Short term margin blip on anvil, directional intent to inch ~19% The company's performance surprised us positively on the gross margins front (we had estimated ~250 bps deterioration). The company has guided for ~300 bps sequential decline in gross margins in Q4FY21E given the sharp increases in prices of input materials (base metals). BAL's price hikes to counteract cost pressures are slated to be spread out and gradual in nature. Longer term margin commentary is positive, however, with sustainable levels seen closer to stellar reading seen in Q3FY21 (~19.5%)....