Revenue in both India and EU businesses grew faster than underlying industry. EBITDA margin shrank 80bp YoY (-40bp QoQ) to 14% (60bp) and RM inflation. PAT grew 16% YoY to INR1.1b (our 8 February 2019 22%/20%/24% YoY. EBITDA margin shrank 130bp YoY (-80bp QoQ) to 12.1% (our Manesar to Pantnagar (50bp impact), the retrospective impact of an increase in tariff on certain imports (30bp) and RM inflation (~50bp). Adj. revenue declined 1.4% YoY (v/s industry volume decline of 7.8%). EBITDA margin was in-line at 18.