Sales grew by 13% YoY to INR13.9b (est. of INR13.1b), supported by above estimated performance in the industrial systems segment. Power systems sales declined 10% YoY to INR6.2b, whereas industrial systems sales registered robust growth of 42% YoY to INR7.6b. Industrial systems 14 November 2018 performance was supported by healthy growth in the railway and motors segment. Standalone EBIDTA at INR1.3b (+65% YoY) and margin at 9.2% was above our estimate of 7.8%. Adjusted PAT of INR633m (+108% YoY) was ahead of our estimate of INR568m. On a consolidated basis, gross debt stood at INR28b, debt from continued business stood at INR22b, and debt from discontinued business stood at INR6b. Gross debt on sequential basis has increased by INR400m on restated basis (on reported basis gross debt has seen an increase of INR2.