For TVS Motors (TVS), FY2019 was another great year as the company continued to outpace the industry growth driven by new launches and expanding its geographical reach. TVS grew at more than double the industry rate in FY2019 with its subsidiaries also turning profitable. Return ratios remained strong in excess of 20%. FY2020 however, is likely to be a challenging year, due to a dwindling demand environment. Volume slowdown coupled with intense competitive pressures and cost increases due to regulatory norms, are likely to keep the earnings...