decelerated to 17.6%, lowest since Q4 FY09. The transition to GST resulted into dealer compensation of Rs320 mn, plus destocking of motorcycles before GST implementation (to minimize inventory losses), postponement of buying high end motorcycles by consumers, implementation of post GST prices in mid June itself and some loss of market share v/s competitors led to margin decline. Higher RM costs, increased marketing on CT 100 and Platina...