EBITDA margin contracted 150bpsYoY to 13.2% due to partial pass through of commodity inflation, adverse mix, uptick in marketing spends & discounts. PAT grew by 60%YoY due to higher other income and lower tax. Management expects cumulative volume of three new UVs - Marazzo MPV, XUV300 compact UV, and Alturas luxury UV to touch at 9000 units/m. In addition, new products in CVs & electric vehicles should support volume. We expect revenue CAGR of 8% over FY19E-21E led by strong tractor sales, new planned launches and export sales will drive volume growth....