by Europe and NAFTA regions. Situation in China is expected to ease out in the coming months as per the management, which will lead to improvement in gross margin in FY19. We cut FY19E EPS by 3% to Rs23.5 to factor in higher interest cost but raise FY20E EPS by 3% to Rs28.3, as we anticipate improvement in product mix and lower interest cost. We raise our TP to Rs509 (from Rs494 earlier) based on 18x FY20E EPS. Upgrade to BUY. Healthy volume growth and better product mix propel overall performance Sharda reported robust revenue growth of 29% yoy at Rs7.7bn, which was better than our estimate of Rs6.8bn on the back of healthy volume growth of 18% yoy, favorable price/product...