Royal Enfield's (RE) Q1FY19 results were in-line with our and consensus estimates on operating level. Revenue grew +27% YoY / +1% QoQ to Rs25.3bn driven by strong volume growth of +22% YoY / -1% QoQ to 225,361 units. Net realization for the quarter increased 1% QoQ mainly on account of better product mix. EBITDA for the quarter increased +30% YoY / +2% QoQ to at Rs8bn. Other expenses grew +31% YoY / -8% QoQ to Rs2.5bn. EBITDA margin for the quarter stood at 31.8% vs our and consensus estimates of 31.3% and 31.9% respectively. Adj. PAT for the quarter stood at Rs5.7bn (+22%YoY/-11%QoQ). Management has guided for 950k production for RE....