17 October 2018 TRIDs revenue increased 24.2 % YoY to INR13,915m (estimated INR12,121m) in 2QFY19. EBITDA margin expanded 730bp YoY to 22.8 % (estimated 20.5 %), driven by (1) operating leverage in both bed and bath linen, and (2) premiumization in bed linen. EBITDA adjusted for forex loss increased 83 % YoY to INR3,169m (estimated INR2,485m). Adjusted PAT increased 194.5 % YoY to INR1,489m (estimated INR936m). TRID has posted 10.3 % growth in 1HFY19 with a margin expansion of 430bp. We expect the momentum to continue with a growth of 19.1 % in 2HFY19 and a margin expansion of 50bp. 2QFY19 was a promising quarter for the company as each segment surpassed the utilization levels of FY18. Bath linen attained a utilization of 53 % in 2QFY19 v/s 45 % in FY18 and bed linen attained a utilization of 61 % in 2QFY19 v/s 44 % in FY18. Going forward, management expects to achieve 60-70 % utilization for both segments by FY20.