Margin Under Pressure, RiskReward is Unfavorable; SELL TVSL reported a disappointing PAT of ` 1.33bn (-19.2% YoY). This was despite a revenue increase of 9.8% YoY, led by a higher volume growth (+2% YoY) and better realizations (+7.6% YoY). The EBITDA margins was under pressure (at 7%, flat YoY), as it was impacted by the fall in gross margin (+280bps YoY affected by adverse product mix, negative operating leverage, inventory adjustment, and commodity inflation). The management expects the 2W industry growth to be muted in Q1FY20, and...