Yet, EBITDA of INR352m was flat YoY (-1% QoQ; 2% miss), as a steep 22% YoY fall in other expenses offset the impact of revenue decline. PAT declined 15% YoY to INR117m (13% miss) due to one-offs in taxes. PAT declined 41% YoY to INR324m (5% miss). 3) New stations are expected to reach 35% EBITDA margin by FY20 and contribute 20% of overall revenue. Inventory capping in FY18 led to a steep 18%/10% volume/revenue decline in legacy stations. We believe that it would take long for ENIL to recoup the downfall, despite a 7-10% yield improvement (at legacy stations, which constitute 80-85% of overall revenue), and thus, cut our overall revenue/EBITDA estimate by 4% for FY19 and 9%/20% for FY20. We expect 18% revenue CAGR over FY18-20, primarily led by higher utilization at new stations (Phase III- Batch 1) and support from relatively small Phase III- Batch 2 stations (post launch in FY19).