Bata's Q1FY19 revenue was in line, EBITDA and PAT exceed estimates. We anticipated lower revenue growth for Bata compared to peers based on our recent channel checks. Nevertheless, margin improvement benefiting from implementation of GST, was ahead of our anticipation. Going ahead, we believe that Bata sales growth would remain lower vs peers, mainly due to increased competition, better and economic offerings by peers and persistent execution issues with Bata. Nevertheless, we believe that the company's new initiative Bata @ Home should address ongoing execution issues. Further, its new...