TVS Motors Limited (TVSM) posted better than expected Q4 FY20 results as margins (adjusted for one-time BS4 provisions) were ahead of our as well as street estimates. TVSM managed to improve margins on a y-o-y basis despite a steep fall in the volumes. With rural sentiments strong due to a good Rabi harvest, reform measures by Government and expectations of normal monsoon for the upcoming year, the 2W industry is expected to recover faster, which in turn would benefit TVSM. Also, to ensure social distancing, there is possibility of people preferring personal transport over the public transport in the post COVID-19 era which would...