Finolex Industries Ltd.'s (FIL) Q1FY21 result was ahead of our estimates on all parameters. Despite business loss in April and early monsoon in June, the company's Q1FY21 performance, particularly on EBITDA margin front, is commendable. Net sales declined by 40.4% YoY to Rs5.6bn, while EBITDA came in at Rs882mn, down by 28.6% YoY. The company reported net profit of Rs567mn, declined by 23.8% YoY. FIL's focus on new products development, strong brand recall for its products, extensive distribution network and backward integrated operation of PVC resin bodes well for its future growth. We broadly maintain our net sales/PAT estimates for FY21E/FY22E. Maintain...