HEG reported a stellar performance wherein profitability was above our estimates. The company reported a capacity utilisation of 82% (vs. our estimate of 85%). Topline came in at | 1587 crore (up 673% YoY, 23% QoQ) in line with our estimate of | 1537.7 crore Raw material cost as a percentage of sales came in at 13% (vs. our estimate of 20.4%, Q4FY18: 11.3%). The resultant gross margin was at 87.0% (vs. our estimate of 79.6%, Q4FY18: 88.7%) EBITDA came in at a robust | 1188 crore vs. our estimate of | 1025.1...