TVS Motors (TVSL) Q2FY17 performance was very strong as its average realization improved YoY as well as QoQ and company recorded decadal high quarterly operating margins of 8.1%. Companys Revenue/EBIDTA/PAT grew by 20.8%/21.9%/33.4% YoY and 18.9%/38.1%/46.3% QoQ to Rs 34.3bn/2.8bn/1.77bn, as against our estimate of Rs 33.5bn/2.7bn/1.9bn in Q2FY17 respectively.