Maintain BUY with a TP 8478 (24x FY19E EPS). Maruti Suzuki (MSIL) delivered in line revenues (+18% YoY to 175bn) in 1Q. However, EBIDTA margin came in lower at 13.3% (-156bps YoY), led by higher discounts, input cost and compensation paid to dealers. APAT came in lower than expectations at Rs 15.6bn (+5% YoY), owing to margin contraction offset by higher other income.