4Q consolidated EPS dip of 7% qoq to Rs13.3 is substantially ahead of our estimate, as 4% EBITDA miss was overcome by lower depreciation and tax. We cut EPS by 12%/5% for FY22F/23F on slow 2W demand recovery due to the second wave of COVID and commodity cost pressures. We maintain our Add rating with lower TP of Rs1,597, as it plans to start supplies in the high entry barrier braking parts business in the coming quarters.
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