5 November 2018 Revenues grew +14% YoY (flat QoQ) to INR32b (our est. Auto revenue grew 12.3% YoY, whereas non- auto segment grew 14.3% YoY (driven by energy and power tools business). Domestic revenue grew 16% YoY, while exports declined by 14% YoY. EBITDA grew 17% YoY (-5% QoQ) to INR6b (in-line). EBITDA margin contracted 90bp QoQ (+60bp YoY) to 18.6% (v/s est. 19.7%), as RM cost was higher at 56.7% (+230bp QoQ), impacted by adverse forex and additional cost of importing fuel injectors. Lower depreciation and higher other income boosted PAT growth of 19% YoY to INR4.2b (v/s est.