Factory operations impacted in April-May'21 owing to Covid second wave, however operations are ramping up from June'21. Voltamp Transformers reported strong quarterly performance above our and street estimates owing to ramp up in dispatches, execution and higher other income. Revenue grew 26% YoY to Rs2.8bn led by strong execution. Steep rise in RM cost such as copper, silicon steel, conventional steel, etc. from Oct'20 impacted EBITDA margins (down 510bps YoY) as management...