2 November 2018 Revenue grew 34% YoY to INR222.6k). Both Auto and Non-auto segment revenue increased ~30% YoY. at INR4.3b; growth was restricted by higher RM cost (+290bp QoQ due to RM inflation and mix) and forex revaluation (impact of 240bp). EBITDA margin of 25.9%, thus, was below our estimate of 28.8%. PAT of INR2.3b also came in lower than our estimate of INR2.4b due to higher depreciation and tax. 1HFY19 S/A revenue/PAT grew by 28%/22% YoY, implying second-half residual growth of ~28%/18%. (a) Management expects continued broad-based growth in 2HFY19. (b) Expect ~25%/5% growth in US Class 8 truck orders in CY18/19; billing growth expected to be much higher in CY19.