Demand picture looking strong, margin commentary positive The channel mix changed to ~45% replacement, ~40% OEMs and ~15% exports and STUs as domestic OEM channel posted substantial volume increase YoY in the quarter. The Indian CV industry is on the cusp of a cyclical recovery in our opinion, with vast majority of usual about two year down cycle now behind us and key players posting encouraging volume numbers recently. The same is set to benefit JKTIL courtesy its large presence in the CV market as well as high dependence on the segment...