EBITDA margin came in at 15.6% down by 397bpsYoY due to a) higher commodity cost b) higher discounts c) lower than expected forex realizations. PAT grew by 16%YoY due to higher other income We expects the EBITDA margin to be in range of 16-17% due to competition in the commuter segment. Given its strong brands and robust distribution network, BAL is in a superior position to benefit from export market. We expect revenue CAGR of 10% over FY19E-21E led by strong rural demand, new planned launches and export sales, will drive volume growth....