Despite PV industry growth of Adj. PAT Interest cost reduced in 3QFY19 due to repayment of long term debt (9MFY19 Other income was negative due to loss incurred on fair value accounting of derivatives after netting off realized currency gain on hedging. Tax rate remained high Management expects PV industry to grow at ~6-7% in FY20. However, it expects Subros to grow faster than industry at 10-11% given its rising market share, presence in better selling models and shift to petrol variant. Further it is already tied up with new business for next one year. It aims to achieve EBITDA margins of 12-13% over next two years by reducing its import content of raw material (from current 30% to 25% by FY21) and improving revenue mix. Subros is pursuing a new thermal product for electric cars and is negotiating with various customers.