Revenue grew 16% yoy to Rs74.1bn (Emkay est.: Rs73.9bn) on 26% growth in volume and an 8% drop in realization due to adverse mix. After robust volume growth of 25% in FY19E, we expect growth to taper to 8% over FY19-21E, led by a high base and price increases resulting from regulatory changes. EBITDA margin contracted 150bps qoq to 15.6% (Emkay est: 16.4%) due to lower exchange rate realization (~40bps), commodity inflation (~40bps), and adverse mix (lower share of 3Ws, higher share of Africa in exports). Going forward, focus on market share, partial absorption of regulatory costs, and adverse mix could restrict margin expansion....