TVS Motor Co (TVSL) reported in-line operating performance in Q1FY20 as net sales stood at Rs 44.7bn (+7.6% YoY / +1.9% QoQ) led by higher realizations which stood at Rs 48k (+8.2% YoY / +0.2% QoQ). Gross margins at 24.9% (+104bps YoY/ +149bps QoQ) was due to higher export mix and softening of commodity prices. The EBITDA margin stood at 8% (+58bps YoY/ +93bps QoQ) vs our est of 7.2% on account of efforts towards cost reduction through value engineering. On the concall, management highlighted that demand will remain weak in Q2 FY20....