Given the unseasonal rains across various regions, we believe the RAC industry could report lower growth rates in the range of 5-10% in FY19 v/s 20% as earlier anticipated. We downgrade FY19E/20E EPS estimates by 34% and 11% respectively on lower revenue and margin assumption. Recommend SELL with target price of Rs624 (SoTP). In-line performance: Revenues increased by 14% yoy (adjusting for excise duties) to Rs14.7bn. EBIDTAM increased by 87bps yoy to 6.1% and PAT increased by 38% yoy to Rs512mn. The EMP & PAC segment reported muted growth of 6.7% to Rs7.2bn impacted by sluggish project execution and lower order inflows. The EBITM however...