In 3QFY21,CEAT reported a strong set of numbers. Revenue grew by 26.1%YoY to 22,123 mn (est.INR19,693 mn) mainly due to volume growth majorly from replacement demand led by rise in personal mobility, recovery in CV demand and farm equipment segments and restrictions on imports. EBITDA grew by 78.8% YoY to INR 3,277 mn (est.INR 2,422 mn) mainly due to higher gross margin on account of price hikes (i.e 3% in Dec'20) across categories (except 2W) and higher mix from replacement segment(+35% YoY) which resulted in operational efficiency. Moroever, in this quarter, company witnessed the strongest demand for CVs (~30% in TBR and TBB), PVs and 2W/3Ws. OTR segment grew 42% YoY due to increase in the domestic farm sector and exports. The company expects the RM basket to increase by 10% sequentially due to sharp surge in rubber and crude oil prices. Adjusted net profit stood at INR 1,417 mn (est.983 mn) strong performance on operational front. Focus on brand value with new client acquisition to increase market share gains...