Q3FY21 margin performance was stupendous, riding on operating leverage benefits, price hikes in India and better product mix across geographies. Spike in prices of key inputs (natural rubber, crude derivatives) are seen impacting gross margins over the short term, thereby leading to an element of normalisation on the overall print. However, supportive factors exist in the form of tighter control over fixed costs along with sharp focus on improvement in European profitability. We build 15%, 16.3% margins on the consolidated basis for FY22E, FY23E, respectively. ATL's consolidated net...