India operations India demand: Strong demand momentum is seen across key segments/channels, and demand from T&B OEMs also seems promising. TBB is growing faster than TBR due to lower costs; however, TBR should also pick up with growth in OEMs. RM cost inflation: It stood at 5% QoQ in 2QFY22; smaller inflation is expected in 3QFY22. Pricing action: It took a price increase of 3–7% in 2QFY22 (3–4% in 1QFY22) and another 3–5% over Oct–Nov’21. It would need another 3–5% price hike to offset the cost inflation to date. The Vredestein brand was launched in India and would help the company make inroads in high-margin premium segments. Capacity utilization stood at ~80% for 1HFY22, with TBR at 74% (PCR at 97%). Exports: It achieved the highest quarterly exports ever in 2QFY22 (up by 70% YoY; includes exports to the EU). Europe Demand: The healthy demand momentum would continue with an increase in premiumization. Volumes grew 4% during the quarter at capacity utilization of 86%....