impacted by low scale of operations due to chip shortage and declined 19.4%YoY at Euro 47.6mn. However, new business win remained strong for India (Rs 5.9b) and EU (Euro 53.9mn) in 9M. Company also forayed into new products like Drive shaft (commencing supply from May'22) and non-auto casting (new orders ~1b); also won orders from EV worth Rs 1.4b. We believe ENDU will continue to outperform the industry led by i) Addition of new and value added products (ABS, Drive shaft business and nonautomotive castings, clutch and brakes for 200cc+ MC etc.) ii) Ability to add new customers as well as increased penetration with existing customers (PV...