India PV performance in 9MFY21 has defied the industry (TML volumes up 39% vs. 16% industry decline) translating into 300 bps market share gain and healthy profitability at EBITDA level (Q3FY21 EBITDA was highest in 10 quarters). Excellent response to the Altroz, Harrier and New Forever' portfolio along with upcoming Safari, Hornbill launches places PV business in good stead. CV segment is also recovering fast, aided by return of infra and mining demand in trucks and LCV resilience. We believe the domestic CV industry has turned a corner (~2 years of cyclical downturn nearly...