15 February 2019 Sales grew 9% YoY to INR14.8b, marginally below our estimate of INR15.4b, impacted by lower EMP sales (INR8.7b v/s our estimate of INR9.2b). EBITDA declined 3% YoY to INR1.2b estimate of 8.2% due to weak UCP margins. Adj. PAT declined 8% YoY to INR0.9b, below our estimate of INR1b. VOLT booked a loss of INR308m pertaining to its JV business with BEKO. declined 3% YoY to INR5.2b (in-line). The segmental margin shrank 450bp take price hikes, despite a rise in RM cost and INR depreciation.