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Above est; wholesales at 12,518 units, down 2% YoY

M&HCV sales grow 11% YoY, while LCV sales decline 17% YoY

* Wholesale volumes declined 2% YoY to 12,518 units (above est).

* M&HCV volumes (above est) grew 11% YoY to 7,619 units (v/s est. 6,333 units).

* LCV volumes (below est.) fell 17% YoY to 4,899 units (v/s est. 5,290 units).

* We estimate volumes to grow 32% in FY22E, implying residual growth of ~21% or 17.8k units. LCV volumes would benefit from the launch of Bada Dost in more regions as well as other LCV launches.

* The stock trades at 13.5x FY23E EV/EBITDA and 4.9x FY23E P/BV. Maintain Buy.

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