Wim plast ltd (WPL) reported subdued numbers for Q2FY19, which were below our expectation. Its revenue declined by 22.1% yoy due to lower sales & volume growth. Gross profit of the company de-grew by 8.8% yoy, due to decline in sales. However, on other hand, the companys EBITDA and PAT margins improved 233bps/15bps yoy, respectively.