Semi conductor shortage is a cause of concern and is expected to impact volumes and model launches, going ahead. We cut FY22/23 consol EPS by 3.9%/3.3% as we cut RE volumes by 2.3%/3.2% & VECV volumes by 1.5%/1.5% to adjust for lower 1Q volumes and downgrade the stock to HOLD'. EIM's 1QFY22 S/A revenue declined 35% QoQ to Rs19.1b...