TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with market share of 14.8% in FY19. Q1FY20 revenue grew by 7%YoY owing to marginal price hike and increase in export sales(+10%YoY). Volume for the quarter came at negative 1%YoY, largely accounts to sluggish domestic demand. EBITDA margin improved by 30bps (in line with our estimates) owing to lower input cost and cost control measures. However PAT de-grew by 3%YoY due to higher interest & depreciation cost....