Revenue grew by 15%YoY aided by healthy volume growth of 13% YoY. EBITDA de-grew by 5.9%YoY due to surge in raw material, power & fuel and freight expenses. EBITDA margin declined by 490bps YoY to 22.1%. We reduce EBITDA margin by 270bps/330bps for FY19/20E to factor in fuel/RM cost increase while marginally change revenue estimates. DBL repaid Rs203cr in Q1FY19. Net Debt/EBITDA is at 1.7x Vs 2.3x YoY. Cost reduction measures like setting up of Waste Heat Recovery (WHR) and increased mix of alternate fuel (low cost) will support margins....