In 2QFY22, TVS motors reported standalone revenue of 56.2bn (22.0%/42.8% YoY/QoQ); led by better than expected ASP growth (+3.4% QoQ vs. +1.5% NBIE). Realizations rose 15% YoY (2% QoQ) to 61.1k on the back of price hikes and better product mix. EBITDA margin improved 270bp QoQ (20bp YoY) to 13.7%, aided by better operating leverage. Gross margins came in at 24.1% (down 20bps QoQ) due to RM cost headwinds. As a result, EBITDA and adjusted PAT improved...