We maintain BUY with a TP of Rs 1,634 15x to the base biz (on Jun-19E EPS) + Rs 465 subs value. M&M;s 1QFY18 performance was below expectations as EBITDA margin took a hit on account of higher discounts and cost of Rs 1.4bn attributable to GST transition. We have tweaked our FY18/19 earnings and margins to factor a higher tax rate, owing to the expiry of some R&D; benefits and discontinuation of investment allowance on capex and the steady show at the auto segment in a tough environment. We are introducing FY20 estimates