MSIL Q2FY21 results were below our and consensus estimates at revenue and Adj. PAT level due to lower realisation and lower other income. EBITDA margin for the quarter stood at 10.3% vs our and consensus estimates of 9.5% and 10.6% respectively. We believe pent demand and preference for personal mobility has helped MSIL to register good numbers during festive season. We marginally cut our volume/revenue estimates for FY21E/FY22E factoring lower premium car sales and lower realisation due to absence of diesel portfolio/adverse product mix. We also cut our other income estimates for FY21E/FY22E factoring the lower yields. We introduce our FY23 estimates...