Best play on the Indian PV market post recovery Better than expected margins despite demand weakness Maruti Suzuki India Ltd (MSIL)'s Q1FY20 numbers came in line with our expectations despite volumes reflecting a negative growth of 18% yoy and 12% qoq. Margins came in at 10.4% lower by 450 bps yoy on higher inventory and demand weakness. However, they were a tad better than our expectations on better product mix, cost control and flattish average discount growth. Revenues de-grew by 14% yoy and 9.7% qoq despite higher volume decline, as they were supported by 5% and 3% growth in realisations. EBITDA plunged by 39% yoy and 10% qoq as RM...