2QFY20 standalone (S/A) revenues declined 25% YoY to INR12.6b (v/s est. Expect 2HFY20 to be weaker than 1HFY20 due weakness in India, US and EU; (b) US Class 8 trucks should decline 20-25% in CY20; EU trucks are expected to decline 8-10%; (c) Focus is on cutting costs, improving productivity and new product development. However, the cycle has turned negative for its core businesses of CVs and Oil & Gas. While the near-term outlook is challenging, we believe that BHFC is much better placed now than in the previous cycles and would emerge stronger with more diversified revenue streams. After last two years of strong performance in all its core businesses and the ramp-up in the nascent businesses, the cycle has turned negative for its core business of CVs and Oil & Gas. While near term outlook is challenging, we believe BHFC is much better placed than previous cycles and would emerge stronger with more diversified revenue streams.