Q1FY19 revenue grew by 22%YoY due to 32% volume growth and superior product mix. PAT grew lower by 13%YoY due to higher tax. EBITDA margin expanded by 120bps despite combination of commodity inflation and elevated competition. Increased penetration in the High margin premium motorcycles is becoming a game changer for the company. The category (>150cc) grew by 30%YoY. We reduce our earnings estimate for FY19/FY20 by10%/12% owing to near term pressure in margins and higher tax....