Q1FY17 Results: Revenues grew 12% YoY to Rs28.8bn (vol. growth of 12.5%, with domestic growth of 18% and exports falling by 13%. Motorcycles and scooters rose 11% and 19%, respectively, while mopeds increased by 18%. Turmoil in key export markets continued impacting demand, with 3W exports down 46%). As a result, realizations were subpar, falling 0.5% YoY and 6% QoQ as the lower share of exports and 3W hurt ASP's. Margins rose 24bps YoY to 7%, but this was partly due to certain raw material costs being classified under depreciation under IND-AS. PAT rose 21% to Rs1bn. Near Term Outlook: TVS should continue reporting strong domestic volume growth over FY16-18E on the back of aggressive pricing, robust demand for scooters & mopeds and near term favourable...