For 1QFY19, Nilkamal's revenue grew 17.3% YoY to INR5.7bn, largely driven by volume growth in plastic business (up ~13% YoY). EBITDA growth was up 27.4% YoY driven by lower other expenses (down 134bps) which was partly offset by rising raw material prices (up 97bps YoY). In Q1FY19, Plastic division registered a volume/realization growth of 13%/8% YoY leading to revenue growth for the division at 21%. Recently introduced mattress division is also picking up fast and the revenue for the same increased 40% YoY in 1QFY19 to INR165mn. We expect the momentum to continue on the back of increasing penetration, shift from unorganized to organized and rising affluence. 1) Plastic business volume/value grew 13%/21% YoY; 2) Retail segment declined 12% YoY mainly due to increased pre-GST sales in Q1FY18; based model and in 1QFY19, it opened one such store in Indore; 4) In Q1FY19, Nilkamal incurred a capex of INR235mn which is in-line with full year guidance of INR1,500mn capex.