Outlook: With utilisation stable at ~70-75% since 2QFY21, we feel that HMSI's elongated maintenance shutdown was the prime reason for this stagnation and it should climb higher from 4QFY21 onwards. FIEM's orders from Piaggio are fully LED and this trend should further boost the shift from halogen to LED. The AFI JV staying in positive territory is a good sign for the future. While we maintain our view that FIEM is aggressively trying to grab market share by supplying to new models of existing clients, new sizeable 2W clients and entry into 4Ws will be the key triggers for Fiem's next leg of the growth story....