revenue grew 37% YoY to INR154b (est. of INR161.6b), as healthy growth in SMP (+10.5% YoY), PKC (+29% YoY) and S/A business (+22% YoY) offset the weakness in SMR (-3% YoY). While SMP growth was led by ramp-up of new plants and PKC sales were driven by commercialization of a third JV in China, SMR sales were hurt by weak volumes at Hyundai Group and a strong EUR. margin shrank 130bp YoY (+10bp QoQ) to 9.7% (est. of 9.1%), primarily led by a lag in RM pass-through and start-up costs for a new plant. Margins expanded at SMP (+100bp QoQ, -30bp YoY to 6.7%), SMR (+190bp QoQ, +100bp YoY to 13.1%) and standalone (+240bp QoQ, -90bp YoY to 18.5%).