For Q3FY21, MSIL reported lower than estimated EBITDA at Rs22.3bn (PLe Rs25.6bn) led by combined impact of 1) RM inflation (+330bp QoQ), 2) weak product mix and 3) unfavorable forex. However higher other income at Rs9.9b (PLe Rs6.8b) boosted adj.PAT at Rs19.4b (Rs18.5b). The recent price hike should partially dilute RM inflation in 4Q, however we expect gross margins...