Q1FY19 revenue grew by 10.4%YoY backed by robust volume growth of 10.3% YoY aided by improving rural sentiments. EBITDA Margins contracted 60bpsYoY due to rise in raw material price & and expiry of Haridwar plant tax benefits. HMCL expects the EBITDA margin to be in range of 14-15% on the back of robust volume growth, price hikes. But surge in RM price will be watchful. We expect revenue CAGR of 12% over FY18-20E led by strong rural...