25 January 2019 Adj. revenue grew 2% YoY to INR196.7b (in-line) in 3QFY19, led by a 2.6% YoY increase in realizations to INR458.9k (our to higher discounts (-120bp QoQ), commodity (-100bp QoQ), FX (-50bp QoQ), op. leverage (-150bp QoQ) and one-time staff cost (-25bp QoQ). However, higher other income restricted adj. PAT decline to 17% YoY (at while EBITDA/PAT declined 5.9%/4.7% YoY. (a) Domestic PV industry to grow 4.5% in FY19; MSIL to outperform; 9MFY19 MSIL retails grew ~5% YoY, led by ~13% YoY growth in retail. (b) Record average discounts at INR24.3/unit (v/s INR18.8k in 2QFY19 and INR17.