MSIL Q2FY19 numbers were in line on revenue and operating level. Miss on net profitability was due to lower other income. MSIL, continuing with its cost optimization program, improved its operating margins on QoQ basis. Competitive intensity is on a rise but MSIL is well quipped to overcome the same driven by the product launches and better economics on ownership front as compared to peers. Volume growth in the quarter was impacted due to high base quarter in FY18 and uneven monsoons in some parts of the country. We believe that MSIL will be able to repeat the...