Despite strong volume performance, TVS Motor (TVSL) has delivered a subdued operating performance in 1QFY19 primarily owing to higher input cost, increased dealers' margins, competitive intensity and discontinuation of Excise Duty benefit from HP plant. Its revenue, EBITDA and PAT grew by 22% YoY (+4% QoQ), 45% YoY (+9% QoQ) and 13% YoY (-11.5% QoQ) to Rs41.5bn, Rs3bn and Rs1.47bn, respectively. Its EBITDA margin expanded by 116bps YoY and 35bps QoQ to 7.3%. Volume grew by 16% YoY and 4% QoQ to 9,28,274 units on a low base, while average realisation grew by 6% YoY. Its RM/sales increased by 160bps YoY and 240bps QoQ to 76.2%, while other expenses/sales declined by 232bps YoY and 278bps QoQ to 10.7%...