M&M; posted a decent operating performance amidst challenging RM scenario. 2QFY22 EBITDA margin came below our estimates and impacted raw material inflation as well as weak mix. Despite sharp price hikes taken by the company, tractor segment's EBIT margin came in at 18.7% (-570/-160bps YoY/qoq) while automotive segment was at 2.7% (-380/+100bps YoY/Qoq). However, new product launches in automotive segment are seeing good traction with ~70k+ bookings for XUV700 and overall orderbook of ~160k units. Management mentioned that due to erratic monsoons, price hikes and...