M&M;'s 3QFY21 results were operationally better with a record EBITDA of Rs23.9bn (PLe Rs22.7bn). EBIT margins for FES were at 23.4% (+400bp YoY) led by operating leverage and cost controls. Challenges related to semi conductors shortage to impact LCV and UV volumes till 1QFY22. Strict focus on capital allocation and international subs is now visible as 1) international subs (FES and Auto) loss declined significantly to Rs0.9bn (from Rs4.65bn),...