Despite taking price hike for the quarter EBITDA margin improved marginally by 30bps which is below our expectation. We believe TVS would continue to gain market share in MC/scooter segment on account of recent launches and network expansion. Higher raw material price & heightened competition in the commuter MC segment and in the scooter is expected to keep margin under check. Considering the near term headwinds we lower our EBITDA margin estimate by 20bps/40bps for FY19/FY20E respectively....