TVS Motor (TVSL) Q1FY21 results were above our estimates at EBITDA and PAT level. EBITDA and Adj. loss for the quarter was Rs488mn/Rs1.4bn vs our estimates of Rs667mn/Rs1.5bn on account of lower RM cost and lower operating expenses. We expect 2W industry to decline ~15% in FY21 and more demand for commuter segment. We anticipate lockdown in certain states/cities would impact demand for TVSL premium products. We assume TVSL products like Apache/RR310 and scooter portfolio (Jupiter/Ntorq) could see muted sales. We cut our volume /revenues estimates by 10%/7% for FY21/FY22. We change our rating to SELL (earlier HOLD) with TP of Rs300...