TVS motors (TVSL) 4QFY18 results, were below our and consensus estimates on operating level. EBITDA margin were lower due to higher RM cost, minimum wage increase, increase in import duty, product launch in 4QFY18 and Auto Expo expenses. Increase in RM cost and higher import duty on components led to increase in cost by 1.2%. Tamil Nadu and Karnataka state govt. increased the minimum wage which led to increase in cost by ~0.3%. TVS recently launched...