Fund raising in Switch Mobility of ~USD 200mn. AL's 3QFY22 revenue at Rs 55.3bn (PLe: Rs 57.3bn) grew 15%/24% YoY/QoQ led by 2%/24% growth in volumes. ASPs remained flat QoQ at Rs 1.6mn. EBITDA margin at 4% was impacted by high raw material cost (RM cost 78% of sales vs 74/77% YoY/QoQ). MHCV market share improved by ~140bps for AL. The company, under its EV business is setting up a facility in Spain for which ~USD 200mn will be raised. We believe new CNG models to be...