Volume grew by impressive 16% YoY led by strong growth in US, Europe and ROW markets coupled with strong demand in agriculture and mining tires. Realization/ton also increased by ~6% YoY led by favourable product mix and currency hedges (Euro realization at Rs. 80 as against Rs. 75-76 for FY17). Hence, reported revenue surged by 22.5% YoY. Given strong demand outlook across geographies the management has increased its volume guidance to 190,000 to 195,000 tons from 185,000 to 190,000 tons. We expect volume CAGR of 14.5% over FY17-20E as demand continues to be buoyant across segments (especially the OTR space) and the company continues to make in-roads with various OEM's....