HMCL's Q4FY21 results beat our estimates as EBITDA/Adj. PAT were better by 6-12%. This was led by higher gross margins at 29.6% (PLe 28.9%) and lower other expenses at Rs8.7b (PLe Rs9.1b). We believe headwinds such as weak demand sentiments and RM would get mitigated by HMCL's increased focus on cost control (expect LEAP 2 savings of 200bp in FY21 to continue in FY22) and price hikes. We tweak FY22/23 EPS by +3%/-2% to factor in for...