Greaves Cotton Limited's (GCL) Q1FY2020 results missed estimates as topline growth moderated sharply to 4% and margins contracted by 50 BPS y-o-y due to operating deleverage. Net profit fell by 4%. Apart from slowdown in the traditional diesel 3W business (40% of the topline), growth is also expected to slow in the aftermarket segment (22% of revenue) due to liquidity concerns and in the agri segment due to rural stress. While emerging business of CNG engines and electric 2W are growing rapidly, given their small size, it would not meaningfully offset...