Sales, PAT CAGR are expected at 14.3%, 77.8% CAGR, respectively, in FY2023E (low base). We believe a cyclical turnaround in domestic CV industry is close, as indicated by sharp improvement in recent volume prints. Hence, we maintain BUY on ALL, valuing it at | 100 (SOTP; 10x FY23E CV segment EV/EBITDA, 1.5x P/B for investments). Key upside risk to our estimates is...