Subros Limited (Subros) Q4FY21 result was above our estimates at revenue and EBITDA level. EBITDA margin for the quarter stood at 9.7% vs our estimates of 10% mainly on account of higher RM cost and other expenses. We believe pent up demand and preference for personal mobility has helped PV industry to register decent volumes in Q4FY21. For Subros, we build PV revenue growth of 20%/15% for FY22E/FY23E respectively on account of lower base. We expect Govt. Infra push would help CV segment to recover in coming quarters. We expect Subros revenue/earnings to grow at ~17%/46% CAGR over FY21-FY23E with EBITDA margin of ~10% in FY23. We have arrived FY23E...