is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers and lower tax rate (-950bps YoY to 17.8%) offset the impact of exceptional costs. The near-term for margin improvement. However, we believe current valuations already discount most of the outlook is poor due to demand contraction and supply bottlenecks. We believe, in FY21e, TVS positives of the better product mix, growth at export front and margin improvement and hence would grow lower than the industry due to downtrading and competitive prices in the entry...