Near term headwinds to limit volume growth in FY19-21E! Domestic 2-W industry has benefitted from increasing farm income, urbanisation and rising participation of women in workforce with volumes growing at a CAGR of 7.4% in FY13-19. It was largely led by growing scooter category (15% CAGR in the aforesaid period). However, with scooters now reaching multiple penetration saturation in urban India and muted farm income amid healthy ~40%+ penetration of 2-W domestically, we expect growth of the 2-W industry to taper. In the near term, with elevated inventory...