EBITDA at Rs2,357 mn (+18.5% YoY, +1.5% QoQ) was in line with our estimate. EBITDA margin improved 18 bps YoY to 15.6% despite rising lead prices. Net profit stood at Rs1,260 mn (+19.7% YoY, +5.7% QoQ). We largely maintain our FY18/19 estimates and introduce FY20 numbers. We maintain our BUY rating on the stock. Key Highlights and Investment Rationale Automotive sales volumes strong: Sales at Rs Rs15.1 bn (+17.1% YoY, 8.8% QoQ) was mainly driven by higher Automotive battery volumes. Also, exports to South East Asia...