Demand outlook remains strong both in Domestic and Export Markets. TVSL's 1Q margins were impacted by low scale of operations and negative operating leverage at 7% (PLe 8.3%). However better product mix in terms of higher share of exports, increasing share of premium products and price hikes supported its gross margins on QoQ basis. Management stands seriously committed to EVs and has earmarked Rs10bn for investment in the EV focused entity. We remain upbeat on export and domestic demand...