For MSIL, we build PAT CAGR of 26.8% in FY21P-23E. We retain our cautious stance on the company courtesy further strain on margins and lost ground in UVs with present valuations continuing to be far above our comfort zone (trades at 29x P/E on FY23E). We continue to await decisive actions from MSIL on the EV front, retain REDUCE and value it at | 6,080 i.e....