Historically MCI has out-performed volume growth at its key OEM clients in India and Europe, tracking increase in its content per vehicle. This continued in Q1CY19 as MCI India posted ~2% QoQ revenue increase despite ~2% blended drop in volumes at domestic OEMs like M&M;, Maruti, Tata Motors and Hero Motocorp (>50% of business). India operations would also have been aided by fresh launches such as New Wagon-R, Marazzo, Alturas G4, Harrier and Destini 125. In parallel, MCI Europe reported top line growth of 15% (including 1% exchange gain) vs. PV segment de-growing by 5.2% in...