Operating performance was impacted by a one-off RM cost in 2QFY22, though BOS continues to grow faster than the underlying Auto industry. We expect revenue to continue to grow faster on account of a CV cycle revival, content increase, and higher exports. However, a margin recovery is still awaited. The CMP is largely reflecting all the negatives, with no major rerating catalysts on the anvil. We maintain our FY22E EPS estimate and increase our FY23E EPS estimate by 4% to account for higher other income. We maintain our Neutral rating with a TP of INR18,250 per share....