impact), lockdown in Tamil Nadu (3 days plant closure). EIM 4QFY21 S/A and VECV performance were in-line. Adj. for one-offs expense of Rs250m (forex difference) S/A margins came in at 22.9% (-60bp QoQ, PLe 22.7%). S/A PAT came in-line at Rs4.9b (+1% QoQ). VECV results too were in-line with Rev/EBITDA/PAT at Rs36.5b/Rs3.2b/Rs1.3b. We believe EIM is well placed on its recovery ride with aggressive new product launch pipeline at RE and CV upcycle benefits at VECV. However, supply challenges...