TVS Motor (TVSL) Q4FY21 result were above our and consensus estimates on all parameters. Revenue was ahead of our estimate on account of higher realization, favorable product mix whereas EBITDA was above our and consensus estimates due to lower RM cost and lower operating expenses. We expect domestic 2W/3W industry to see a double digit growth for FY22 on a low base despite 2nd wave of covid as vaccination drive will help in bringing normalcy. We anticipate stronger recovery in export market for 2W/3W segment would help TVSL to partially mitigate any slowdown in domestic market in near term. We build our volume growth estimates for FY22/FY23...