CEAT's 3QFY21 consol results beat our estimates with margin sustaining at 14.8% expanding 440bp YoY (PLe 11.5%), despite RM headwinds (+1.5% increase in RM/kg) and lower replacement mix (~65% v/s ~70% in Q2). With continual healthy growth in replacement segment and likely price rise, we expect margins to remain elevated at 13.5-14% even in 4Q. However, it can normalize at 11.5-12% in FY22/23 led by a) replacement mix normalizing to...