FY18 was a robust year for domestic 2-W industry and HMCL, in particular, with the company seeing a volume growth of 14% YoY. FY19, however, was challenging, with mere 3% volume growth primarily tracking an increase in cost of ownership due to increase in fuel, insurance and financing costs, which coincided with the high sales festive period i.e. Dussehra-Diwali. Going forward, with system inventory still higher than the normal range and muted demand prospects, we expect HMCL to clock volume growth of 6% in FY20E. It is expected to be supported by pre-buying ahead of BS-VI launch...