Minda Industries Ltd (MIL) Q4FY21 result was below our and above consensus estimates at operating level. EBITDA margin for the quarter stood at 13.5% vs our/consensus estimates of 15.5%/ 13.3% respectively mainly on account of higher RM cost. Revenue growth for the quarter was 49% YoY/10% QoQ to Rs22.4bn vs our estimates of Rs.21.6bn. The Company has completed the merger of Harita Seating limited from 1st April 2021. The merger is effective from 1st April 2019. We build our FY22/FY23 revenue estimates by 30%/20% respectively factoring the strong growth in FY22 on account of low base of FY21 and Harita seating merger. We expect revenue/earnings...