Swaraj Engines Ltd's (SEL) Q1FY19 numbers were in-line with our estimates on the revenue front, while profit growth was marginally below our projections. Net revenue increased by 20.9% YoY, led by a combination of healthy volume growth ( 14.8%) and better realizations. However, EBITDA & PAT grew by 13.4% & 7.3% respectively, impacted by input cost inflation and lower other income.