TVS Motor (TVSL) has delivered a healthy performance in 2QFY19 primarily owing to strong volume performance led by better product-mix and higher export realisation. Reported EBIDTA margin was strong due to accounting adjustment (higher by 30bps), while adjusted EBIDTA margins were broadly in line with our estimates. While revenue and EBIDTA grew by 23% YoY (+20% QoQ) and 18% YoY (+33% QoQ) to Rs49.9bn and Rs4.3bn, respectively PAT declined by 1% YoY (+44% QoQ) to Rs2.11bn. Its EBIDTA margin contracted by 35bps YoY (+87bps QoQ) to 8.6%. Volume grew by 15% YoY and 17% QoQ to 10,88,335 units on higher YoY base, while average realisation grew by 7% YoY due to clubbing the interest income from customer contracts with...