revenue grew ~9% YoY (-2% QoQ) to INR17.1b (in-line) in 3QFY19, driven by 2% YoY (-5.4% QoQ) volume growth. The impact of RM cost inflation of 2.1% QoQ was offset by price hike of 2-3%. EBITDA declined 24% YoY (-10% QoQ) to INR1.4b (our impacted by adverse mix and inventory build-up. EBITDA margin contracted 80bp QoQ/360bp YoY to 8.3%, below our estimate of 9.2%. Adj. PAT (a) OEM growth outpaced replacement growth (slowed down in CVs and farm but expected to recover from Mar19) in the quarter. (b) RM cost is likely to gradually decline Mar19 onward, with marginal benefit of lower RM cost in 4Q.