Outlook: With utilisation stable at ~75% since 2QFY21, we feel that HMSI's elongated maintenance shutdown in 3QFY21 was the prime reason for Fiem's revenue decline in FY21. Fiem's 4QFY21 production performance has been resilient and while due to the second lockdown, 1QFY22 is expected to be a dampener for the entire auto industry, we feel 2-wheelers demand remains a long-term positive story. With a...