Prabhat Dairy Ltd (PDL) reported healthy set of numbers for Q1FY19, in line with our expectation. Its revenue grew by 7.3% yoy on back of strong volume growth across various products. Its EBITDA and PAT grew by 14.5% and 90.1% yoy, respectively driven by lower input cost, lower interest and tax expense. Further both EBITDA and PAT margins improved by 53 bps and 125 bps yoy.