The 1QFY19 results beat was on all fronts sales volume growth, margin expansion, profit growth and debt reduction. The premium product sales growth of 30% YoY was as expected but regular product sales volume of 3.9m cases (+15% YoY) exceeded our estimates. This momentum should sustain in FY19-20E. The EBITDA margin improved 260bps YoY backed by premiumization, low raw material costs (molasses) and price hikes in Southern states. The...