For 1QFY2019, M&M posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~9% yoy. On the bottom-line front, M&M reported growth of ~63% yoy to `1,221cr on the back of strong top-line growth and operating margin improvement. Outlook and Valuation: We expect M&M t..