In its own league Retain HOLD: MSIL's Q1FY19 operating performance was in line with our estimates. It reported 24.3% volume growth in Q1FY19. This is a 5th year of average double digit growth. With 2500 distribution centers and 6 blockbuster models (Dzire, Swift, Alto, Baleno, WagonR and Vitara Brezza) it currently dominates the Indian car market.