operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 towards lower priced 2Ws, where TVS presence is minimal. Sales expectations from its most is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers profitable segments (3W & exports) also remain blurry. This, along with frequent local level for margin improvement. However, we believe current valuations already discount most of the lockdowns is creating supply side issues. We believe, in FY21e, TVS would grow lower than the...