JK Tyre & Industries (JKT) has reported a strong operating performance in 1QFY19 with its consolidated revenue growing by 35% YoY and 7% QoQ to Rs24.4bn vs. our estimate of Rs21.3bn. Robust YoY performance is attributable to lower base in 1QFY18 owing to GST-led uncertainties. Consolidated EBITDA margin expanded by 1,340bps YoY (-108bps QoQ) to 13.3% aided by lower input cost and operating leverage. Healthy traction in 4W & 2W segments coupled with radialisation boosted JKT's quarterly performance. Staff cost remained under control owing to manpower rationalisation in domestic and overseas operations. It reported EBIDTA of Rs3.25bn as against operating loss of Rs11mn in 1QFY18. While reported PAT came...