Royal Enfield's (RE) 4QFY18 results were above our and consensus estimates. Revenue grew +35% YoY / +12% QoQ to Rs25.1bn driven by strong volume growth of +27% YoY / +10% QoQ to 227,042 units. Net realization for the quarter increased 2% QoQ to Rs111k. EBITDA for the quarter increased +38% YoY / +14% QoQ to at Rs8.1bn. Other expenses grew +38% YoY / +14% QoQ to Rs2.7bn mainly on account of business development. EBITDA margin for the quarter stood at 32.3% vs our and consensus estimates of 32% respectively. Adj. PAT for the quarter stood at Rs2.6bn (-37%YoY/-45%QoQ) as company has made impairment loss of Rs3.1bn for...