OEM volumes remained muted in 2QFY22, while Replacement volumes showed reasonable growth (11%/20% YoY for 4W/2W). Exports declined by 8-9% YoY due to logistical challenges. Volumes in the Industrial segment grew 11% YoY, with a broad-based growth. ASP growth stood at 7-8% on a YoY basis, driven by price increases to pass on the cost inflation in key raw materials. It undertook a cumulative price hike of ~6% over Jul-Sep’21 in the Replacement market. Lead cost was up by 20-22% YoY and 9% QoQ. Spot rates are almost 6.5% higher than its 2QFY22 average. It has started supplying lithium battery packs to 3W OEMs. It has also started supplying chargers to BPCL and is developing an onboard charger for 2W/3W applications. The contribution of the new energy business stood at INR200m in 2QFY22. It is increasing its 4W capacity to 16m by mid-FY23. FY22 CAPEX is pegged at INR5-5.5b (1H: ~INR3b) for 4W capacity expansion and a 50MW solar plant. AMRJ is yet to finalize its lithium battery...