During Q2FY22, MSIL's profit declined by 65.3% YoY to Rs4.8bn (below our estimates Rs7.8bn). Sharp decline in profitability was attributed to lower EBITDA margins which declined by 615bps YoY to 4.2% (below our estimates of 5.5%) and lower other income which declined by 13.2% YoY. MSIL could not produce ~116,000 vehicles during the quarter due to electronics component shortage. Without semiconductor chip shortages, MSIL's volume growth would have been 26% in Q2FY22 vs -3% currently. The Company has more than 200,000 pending customer orders at the end of Q2FY22. We believe the Company falls in the category of Great Company in Temporary Trouble and remain...