The current slowdown in demand has led to higher discounting and restricted the company's ability to fully pass on the adverse commodity impact through the required price hike, thus negatively impacting margins. With the new Ertiga & WagonR receiving good response and dealer inventory levels down to ~15 days in Jan'19, we expect discounts (which were at all-time high of ~Rs24K/vehicle in Q3FY19) to come off sequentially. Further, given the...