Mahindra CIE (MCIE) is one of the top global forging players with a strong presence in both Europe and India. Currently 2/3 rd of the revenue comes from Europe, while the rest is from India. Q2CY21 revenue came lower at -6.2%QoQ due to 2nd covid wave impact in India. Europe business maintained Q1 positive trend. EBITDA margin came at 12.7% (-40bpsQoQ) due to supply chain concerns and lower productivity due to partial lock down in India. Increased business with existing customers owing to supplier...