growth of 5% YoY to INR2.6bn in 3QFY19; after posting strong growth in the last six quarters (average of 28%). Muted volume along with weakness in the realizations (~2-3%), affected the growth. EBITDA also grew 4% YoY to INR725mn as the margins were stable at 27.8% (down 17bps). Despite lower realizations, Nocil could maintain EBITDA/ton as the raw material prices also corrected. PAT was flat YoY at INR447mn, due to lower other income and higher depreciation and tax outgo. To capitalize on the growth opportunities, Nocil had earmarked capex of INR4.25b of which INR1.7bn (phase I) has commenced. Phase II of INR2.6bn is likely to come on stream by 1QFY20, post which the total capacity would double. Nocil Ltd* Phillips Carbon Oriental Carbon Source: Bloomberg, MOSL *MOSL Estimates Debt/Equity 0.03 0.02 0.