FY2224 capex could reduce to ~INR90b over three years v/s the earlier three Dr Shah (designated CEO) has laid out the path to create c) a differentiating core SUV positioning, and d) realizing the potential of nine has laid out a clear game plan on capital allocation for the past and future. Although it would tighten capital allocation norms, the company is not scaling back its growth ambition and would continue to invest in growth with a hurdle rate of The Tractors business is nearing normalcy with over 90% of dealers operational, 85% plant utilization, and good demand on the ground. However, MM's SUVs business is severely challenged, and we do not see any respite for MM in this category in the The Tractors segment has been seeing volume recovery since Dec19, driven by improvement in farm-level indicators such as output prices, lower input prices, higher government spend in rural areas, and unusually strong water reservoir levels.