Management is targeting cost savings of Rs500-550mn in FY21E. Roughly 50% of the savings will be permanent in nature boosting margins by 300 bps. While MBL's revenue of Rs407mn was in-line with our estimates, EBITDA margin of 10.2% surpassed our expectations of 7.5% led by stringent cost control. Total operating cost stood at Rs365mn for the quarter and annualized savings of Rs500-550mn is expected in FY21E. Roughly 50% of the cost savings is expected to be permanent in nature resulting in 300bps margin...