Expansion in EBITDA Margins Commendable Retain Estimates: During Q1FY22, SONACOMS reported Sales of Rs5bn, 227% increase YoY. Despite lower domestic sales (declined by 24% QoQ) due to lockdown, the Company reported modest decline of 7.2% on QoQ basis. In challenging operating environment due to rise in commodity prices, it reported EBITDA margins 27.7%, 173bps up QoQ is commendable. Based on impressive financial performance and strong growth outlook we retain our sales and PAT estimates for FY22E and FY23E. Strong order Book Market share Gains: SONACOMS net order book stands at Rs140bn (9.1x FY21 sales) which includes EV segment of Rs80bn (57.1%) and Non-EV segment...