Srikalahasthi Pipes Ltd's (SPL) Q1FY19 numbers (YoY) were disappointing and below our estimates on all parameters. Net revenue, EBITDA & PAT declined by 31.6%, 55.9% & 52.6% respectively, impacted by poor realizations and temporary shut-down of mini blast furnace (MBF) in June (for 12 days), which resulted in lower production & sales and higher cost.