Market share gains across FES (2.6% pts) and auto biz in 1QFY22 . M&M; posted a decent operating performance in the challenging quarter. 1QFY22 revenues declined ~12% QoQ to Rs 117.6b (PLe Rs126.3b), led by volume decline of 7.6% QoQ and ASP reduction of 4.5%. Standalone EBITDA came in at Rs 16.3b with margins of 13.9% (PLe 12%, -80bp QoQ). EBIT margins for FES/Automotive declined by 170bp/330bp QoQ at 20.3%/1.7% impacted by low scale of operation and commodity headwinds. Furthermore,...