MSIL Q3FY21 results was below our and consensus estimates at EBITDA and Adj. PAT level due to higher RM cost and higher operating expenses. We believe pent demand and preference for personal mobility has helped MSIL to register good numbers during festive season. We build volume growth of 18%/15% for FY22E/FY23E respectively on account of lower base and higher premium car sales and expect after two years of consecutive decline company set for a multiyear upcycle. We also increase our other income estimates for FY22E/FY23E factoring the higher yields. We expect revenue/earnings to grow at ~4%/6% CAGR over FY20-FY23E with EBITDA margin of ~9%. We have arrived FY23E EPS at Rs263, factoring the higher realization and...