Replacement demand, subsidiary ramp up to support! JKTIL's channel mix is at ~33% OEM, ~57% replacement and ~10% exports. CV demand constitutes ~70% of revenues with PV space forming ~20% and the rest accounted for by 2-W, 3-W, tractors and off road segments. The company is the market leader in the truck-bus radial (TBR) segment with >30% market share and post the Cavendish acquisition, its 2W, 3-W slate is ramping up well (40% YoY volume increase in 2-W, 3-W for FY19). For FY19, the company outgrew the industry despite OEM slowdown in H2FY19, with the management hopeful of a better show from Q2FY20E...