performance on all fronts during 2QFY20. The reported profit jumped by 21% YoY to Rs2,550mn pandemic, however, we believe things have bottomed out in the industry with almost every macro on account of a) lower effective tax rate of 17.8% in Q2FY20 vis--vis 31.0% in Q2FY19, b) better indicator flashing signs of improvement. LCVs are already seeing a healthy recovery. Ashok...