CEAT's 2QFY22 operating performance was led by a strong revenue growth, although higher depreciation and interest impacted PAT. Contrary to our earlier expectation, cost inflation is expected to persist in 2HFY22, thereby deferring CEAT's margin improvement to 1HFY23. Hence, we cut our FY22E/FY23E EPS estimates by ~42%/13% to factor in the RM cost inflation, higher depreciation and interest cost. Maintain Buy....