During Q1FY22, MSIL's profit declined by 62.2% QoQ to Rs4.4bn (below our estimates Rs13.3 bn). Sharp decline in profitability was attributed to lower EBITDA margins which declined by 367bps QoQ to 4.6% (below our estimates of 8%) and lower other income which declined by 61.5% YoY. Despite poor show in Q1FY22, We believe, MSIL is likely to witness robust volume recovery hereon while cost pressure is likely to ease out post H2FY22. To factor in improved business outlook and expected improvement in profitability, we increase our volume and PAT estimates by 2.9%/26.7% for FY23E. We rate the stock as...