For 1QFY2020, M&M registered revenue decline of ~4% yoy to `12,923cr. Operating margin declined by 129bps. On the bottom-line front, M&M reported PAT growth of ~90% yoy to `2,314cr on the back of one time exceptional gain ~`1,367cr . Outlook and Valuation: Over the last few quarters, the company's volume growth has remained subdued mainly