It is the sheer grit of the management to diligently repay its long-term debt in this environment while bagging new global orders. Fiem's 1QFY21 results were a one-off arising from zero production in April and slow pick-up amidst lockdown. We still feel that the management is being extremely prudent with its low capital expenditure and cash conservation. In our view, the company is on the right track to diversify its OEM client base and greater personal mobility should provide an early advantage to two-wheelers. We give an ACCUMULATE rating with a revised TP of Rs650. Gross Margin slips: The top line declined by 81% YoY to Rs67mn in Q1FY21. The...