TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with market share of 14.2% in FY19. Q4FY19 revenue grew by 9.4%YoY driven by marginal price hike of 0.4% and increase in export sales(+22%YoY). Volume for the quarter came at 2%YoY, largely due to lower domestic demand. EBITDA margin declined by 40bps to 7% (our estimate were 7.6%)...