Balkrishna Industries (BIL) reported standalone revenues of Rs 13.3bn (+19% YoY) in Q2FY19, led by a 6% rise in tonnage volumes and higher realisations. EBITDA/adj. PAT grew 9%/10% YoY to Rs 3.3bn/Rs 2.2bn. Management reduced its FY19 sales volume guidance by 4-7%, citing a temporary slowdown in European markets due to drought. We pare FY19-FY21 earnings marginally to factor in lower volumes in FY19 and a slight increase in tax rate, translating...