M&M;'s Q4 FY21 numbers came in line at the topline at 135 bn, a growth of 48% yoy as volumes grew 33% in the same period. This growth was also led by a 15% growth in realizations. Q3 FY21. Tractor division revenues increased by 60% yoy led by (a) 58% yoy increase in volumes and (b) 2% yoy increase in ASPs in Q4 FY21. Automotive EBIT margin dropped 330 bps qoq to 3.1%, (+20 bps yoy). It dropped sequentially due to negative operating leverage and higher input costs. Tractor EBIT margins came in at 22% (+540 bps yoy, -140 bps qoq). Overall EBITDA margin came in at 13.2% (+80 bps yoy, - 280 bps qoq). This was however, lower than our expectations...