Apollo Tyres Limited's (ATL) Q2FY2020 results missed our estimates as lower-than-anticipated topline growth coupled with increased depreciation and interest expenses led to net profit falling sharply by 55%. We expect topline growth to remain muted in near term, given demand headwinds in domestic CV OEMs. Domestic CV players have undertaken production cuts in October and November 2019, indicating weak demand. Moreover, European operations growth has moderated sharply given the fall in industry demand. Muted topline in intensive...