YoY (-4% QoQ) to 885.8k units in 2QFY20. Realizations increased ~7% YoY mix and price increases. Revenues were down ~13% YoY to INR43.5b. Gross 17 October 2019 driven by cost-cutting initiatives (120bp QoQ) and mix (40bp QoQ). For 1HFY20, revenue/EBITDA/PAT were down ~4%/2%/6% YoY. (a) Heavy rain during Navratras in the central/east region and Maharashtra resulted in much lower retails. However, retails have started picking up since the last few days due to receding rains. Diwali retails are expected to be good for TVSL. (b) Rural economy will likely improve either in 4QFY20 or 1QFY21 as sentiment is turning positive. (c) The strong focus on cost reduction is leading to a continuous improvement in margins. (d) TVSL expects further commodity cost benefit in 2HFY20. (e) Inventory is stable at five weeks.