22 January 2019 TVSL reported healthy 3QFY19 results with realizations growing 5.3% YoY (+2.7% QoQ) to INR47.1k (v/s est. INR46k) driven by improvement in mix, price increase (0.6%) and favorable forex. Volumes grew 20% YoY (-9% QoQ) to 989.7k units. Consequently, revenues grew 26% YoY to INR46.6b (in line), while gross margins came in at 24.2%, declining -340bp YoY (flat QoQ). Staff costs were below estimate at INR2.4b (est. INR2.6b) and other expense came in slightly higher at INR5.