CEAT's revenue grew by 14% YoY and 6% QoQ to Rs16.8bn, which is below our estimate of Rs18.1bn. Aggregate volume growth stood at 11.5% YoY for the quarter. OEM business grew by strong double digit, while replacement growth was muted at 3%. Looking ahead, we expect revenue growth to increase with the sustained volume growth from 2W (both in OCM and replacement) and ramp-up in Ambernath unit's utilisation. EBITDA grew by 50% YoY and 6% QoQ to Rs2bn vs. our estimate of Rs2.1bn owing to lower than estimated revenue growth. Adj...