During Q1FY19, revenue growth of 26% YoY to | 89 crore was led by ~35% YoY volume increase. According to the management, while volume growth was lower-than-expected owing to labour shortage and power issues, lower realisation was due to a change in product mix and delay in passing on higher raw material prices. As a result, gross margins declined ~60 bps YoY whereas EBITDA margin declined ~155 bps YoY mainly due to a sharp increase in employee and other cost by 40% and 36% YoY, respectively. The management further guided that power and...