strong recovery/ traction in JLR/India businesses from 3QFY22E onwards. We have lowered our FY22E/FY23E EPS estimate by PTL/8% to account for the lost sales due to the ongoing semiconductor shortage as well as higher competitive intensity in the CV business. We maintain our Buy rating with a TP of INR565/share (Sep'23E SoTP-based). Mix dilutes operating deleverage impact; working capital hurts cash flows Consolidated revenue/EBITDA grew by ~15%/-29% YoY in 2QFY22 to INR614b/INR40.5b (est. INR606b/INR42b). Adjusted loss stood at...