We cut our FY22 earnings by 14.8% given 1) input cost inflation led margin pressure 2) slow order inflow in MEP segment & 3) increase in JV loss. We, however, expect margins to make a swift recovery in FY23/24 led by 1) likely normal summer season sales (after 2 years) 2) Govt initiatives promoting local manufacturing to help create component ecosystem thereby aiding industry growth & profitability 3) improving mix, calibrated price increase &...