EBITDA margins improved by 900bps YoY to 37.7% due to better product mix and benefits from scale. Limited competition in ATBS, pick-up in demand from IBB and customised products, we expect current growth momentum to continue. Robust demand outlook for ATBS and launch of new products in next 12 years has significantly improved future outlook. We upgrade our earnings estimates by 18% & 16% for FY19 & FY20E to factor in impressive earnings in Q2FY19. Given strong earnings outlook and RoE of 26% (last 5yrs), we maintain...