During Q4FY18, TVS Motors (TVS) net sales grew 40.4% YoY to Rs39.9bn vs our estimates of Rs38.2bn, driven by 31.7% volume growth and a 6.5% increase in Average Realizations. Its EBITDA margins expanded by 135ps yoy to 7% but were below our estimates of 9.5% and PAT grew by 30.6% to Rs1.6bn but below our estimates of Rs. 2.4bn.