TVS Q2FY22 profit increased by 41.5% YoY to Rs2.8bn which is in line with our estimates. The Company reported double digit EBITDA margins twice in last three quarters which is quite commendable. Management commentary about growth prospects in the domestic 2W market was encouraging. However aggressive plans in the EV segment with new launches and new initiatives in export markets were impressive. To factor in current slackness in the business environment, we have reduced our volume and PAT estimates by 0.9% and 6.8% for FY23. We believe, TVS is likely to grow ahead of industry in its domestic and its international business based on the strength and popularity...