8 February 2020 ENDUs 3QFY20 performance miss is a reflection of the weak volume environment for 2Ws. Thus, there was a 15% revenue miss in the India business, resulting in 10% consol. While near-term outlook for the 2W industry is weak, ENDU should outperform due to new customers and content increase. We have lowered our EPS for FY20/21E to factor in the near-term weakness in the 2W industry. However, we maintain would be transitory but scope for content increase is structural. revenue/EBITDA/PAT grew -9.5%/3%/12% to ~INR16.4b/INR2.6b/ INR1.24b. S/A revenues declined ~12.5% YoY to ~INR11.6b (v/s est.