Maintain BUY with reduced SOTP of Rs 305/sh vs. Rs 312/sh earlier. PNC 3QFY19 revenue came 16% below expectation at Rs 7.3bn, though it remains on course to meet its annual Rs 28bn guidance for FY19E. Margins remained steady YoY as estimated at 14% (+63bps improvement vs. the trailing monsoon quarter). High interest cost along with a 28.3% effective tax rate (full year FY19E tax rate now guided at ~21-24% vs 18-21% earlier) led to a 34% APAT miss.