EBITDA Margins improved by 264bps YoY while PAT grew by 38% YoY. Relationship with HP is expected to be a large opportunity for the company as MPHL's revenue is just 1% of HP's. Revenue and PAT are expected to grow at 14% and 19% CAGR over FY1820E. While EBITDA Margins are expected to improve from 16.2% in FY18 to 17.3% by FY19 and 17.7% by FY20E. We value the stock at a P/E of 20x on FY20E EPS and ascribe a target price of Rs1,223, and maintain a Hold rating. Both HP & Direct channels contributed to revenue...