Q4FY20 operating results of Apollo Tyres limited (ATL) were ahead of our as well as street estimates. The company posted better than expected margin performance. Despite a steep fall in the topline, margins improved driven by soft commodity prices and cost control measures. Going ahead, ATL expects replacement demand to pick up faster in both India and Europe once the lockdown norms are relaxed by the Governments. Resumption of business activity and increased usage of personal vehicles post CONVID-19 would drive replacement demand. ATL continues to outpace industry growth in...