Refer to important disclosures at the end of this report Strong volume show offset by volatile raw material prices; TP reduced Apar Industries' (Apar) Q3FY19 earnings were below our estimates. While revenues rose 41.4% yoy to Rs21.2bn, PAT declined 12.2% yoy to Rs347.2mn due to increase in raw material prices, interest costs, stiff competition and INR depreciation. Its Conductors segment clocked strong revenue growth of 64.8% yoy to Rs10.5bn, driven by a 45.3% yoy surge in realizations and 13.4% rise in volumes. Apar's Cables and...