Royal Enfield's (RE) Q1FY21 consolidated revenue/EBITDA was above our estimates while company reported loss vs our estimate of profit. Revenue/EBITDA was higher than our estimates on account of BSVI related price hikes and lower operating expenses while PAT was lower than our estimates due to lower other income and higher effective tax rate. We believe 2W industry is likely to decline in mid-double digit in FY21 however decline in premium segment could be lower on account of strong order book/enquiry levels from rural/semi urban areas. We believe RE being a discretionary product; we expect muted demand post lockdown, given likely erosion of purchasing...