Strong order book in SMRPBV, recovery in India PV/US CV improves visibility MSS' 4QFY21 performance was a beat led by strong performance in India and SMP, as well as lower tax. MSS would continue to benefit from a cyclical recovery in its key businesses as well as from a strong order book and improving efficiencies in SMRPBV. We upgrade our FY22E/FY23E EPS by 16%/20%, factoring in a strong recovery in SMP, India, and PKC, as well as a lower tax rate. We maintain...