14 November 2018 Volumes grew by 3.7% YoY, with UV volumes increasing 5% YoY and Tractors volumes declining 4% YoY. Realizations grew 2.6% YoY (-0.9% QoQ) to INR19.7b), with the margin contracting 150bp YoY (-130bp QoQ) to 14.5% (our Tractor EBIT margin contracted 110bp QoQ (-70bp YoY) to 20.2%. Adj. PAT (a) Tractors industry to grow 12-14% in FY19 (biased toward lower end v/s upper end earlier, with YTD Oct-18 growth at ~12.5%). (b) Expects PV industry growth of 7-8% in FY19 (v/s 10% earlier) witnessed growth during festive season (Navratri and Diwali combined). (c) PV and EV 3WTreo (Nov-15). (e) Reached full production capacity for Marazzo (~130-150 units/day), with ~13.5k bookings currently and a waiting period of 6- 8 weeks.