Maintain BUY with a target price of Rs 161 (22x FY19E EPS). NRBs 1Q net revenue came in at Rs 1.79bn (+3% YoY). The company witnessed strong growth in 2W and tractor segment, which was offset by subdued CV and replacement volumes. EBITDA at Rs 274mn, with margin at 15.3% (-87bps, +102 bps QoQ) was in-line with estimates. Higher RM cost (+217ps YoY) was partially offset by lower other expenses (-65bps YoY) and employee expenses (-65bps YoY). PAT came in at Rs 127mn (-3% YoY).