Average discounts 8 quarters low at Rs16.6k/unit (-13% YoY/ -18% QoQ). For 4QFY21, MSIL reported lower than estimated EBITDA at Rs19.9b (PLe Rs20.7bn) while lower other income at Rs0.9b (-90% YoY, PLe Rs7.5b) dragged Adj PAT by ~10% YoY at Rs11.7b (PLe Rs15.5b). Although RM inflation and volume uncertainty to persists over 1QFY22, PV as a segment will likely emerge stronger with ease in SoPs by state governements. We believe MSIL is well placed amongst OEMs as i) it is likely beneficiary of shift...