We cut FY19 and FY20 EPS estimates of D'Mart by 10.7% and 5% following 200bps margin decline and just 2% PAT growth in 3Q19. D'Mart continues to focus on strong sales led by Everyday Low price strategy. Margins have been impacted by higher spends behind new store infrastructure, people and expenses to manage festive demand through higher operating hours. D'Mart has lowered prices across categories led by benefits from higher economies of scale which reinforces its pole position of a value retailer. D'Mart has growth strategy is place led by 1) gradual acceleration in store...