Operating performance disappoints: Revenue grew 8% YoY to INR752m (our estimate: INR849m) in 2QFY19. EBITDA declined 47% YoY to INR79m (our estimate: INR188m), with the margins shrinking YoY from 21.2% to 10.5%. Adj. PAT declined 43% YoY to INR119m (our estimate: INR261m). 1HFY19 performance: Revenue was flat YoY at INR6,571m, with the margin contracting 140bp YoY to 32.2%. Adj. PAT, too, was flat YoY at INR2,225m. Cotton biz subdued; Non-cotton showing promise: Cotton business revenue declined 44% YoY, with volumes down 25% YoY. This was partly due to the...