Supreme Industries Ltd.'s (SIL) Q4FY21 result was a beat to our as well as consensus estimates on all parameters. The company reported net sales of Rs20.8bn, increased by 45.7% YoY, while EBITDA came in at Rs5.1bn, a robust growth of 86.4% over Q4FY20. It reported net profit of Rs4.5bn, higher by 284% YoY. SIL reported inventory gain of Rs2,000mn in current quarter, which resulted in superlative performance of the company. The management remains committed to new products launches and capacity expansion to strengthen further market share in the domestic market as well as increase export sales in future. We have revised our net sales/PAT estimates by...