TVS Motor's (TVSL) Q1FY16 performance was below our as well as street estimates. Company's Revenue/EBIDTA/PAT grew by 14%/24%/25% YoY and 6.7%/1.5%/(10%) QoQ to Rs 26.2bn/1.6bn/0.9bn, as against our estimate of Rs 26.5bn/1.8bn/1bn in Q1FY16 respectively. Its volume growth was 9%YoY/5.6% QoQ to 638,115 units, while average realization improved by 4.5% YoY, benefitted by favourable currency.