Maruti Suzuki Ltd (MSIL) Q2 FY20 results were ahead of our as well as consensus estimates on operating margins as well profitability front. MSIL posted better than expected operating margins due to cost control measures such as productivity improvement measures, controlling cost overheads and increased localisation. Further, a steep surge in other income on account of fair value gain on investments & lower tax due to adoption of new corporate tax structure led to profit beat. While the management has indicated a marginal positive growth in the festive...