Q2FY19 revenue grew by 23%YoY led by 15% volume growth and superior product mix. PAT de- grew by 1% due to lower other income & higher tax. EBITDA margin contracted by 30bps due to commodity inflation and higher discount in commuter segment to gain market share. Penetration in the premium motorcycles is becoming a game changer for the company. This category (>150cc) grew by 27%YoY for H1FY19. We reduce our earnings estimate for FY19/FY20 by 8%/5% incorporating recent changes in the Ind-AS (2% of revenue) and lower other income....