TVS Motor (TVSL) Q4FY20 results were above our and consensus estimates at Revenue and PAT. Revenue was higher than our and consensus estimates an account of BSVI price hike. EBITDA margin for the quarter stood at 7.0% which was below our and above consensus estimates of 7.5% and 6.8% respectively mainly on account of higher RM cost. We expect 2W industry to see a double digit decline in FY21 driven primarily by adverse impact of the COVID-19 outbreak on economic growth and discretionary spending. The challenges for the 2W segment are likely to get aggravated as consumer spending will be severely impacted by the outbreak resulting in lower spending power both in urban and rural markets. We...