25 April 2019 Revenues grew 1.4% YoY to INR214.6b (v/s est. of INR207.5b), led by 2.1% increase in realizations to INR468.1k (v/s est. of INR452.6k); but, volumes declined 0.7%. EBITDA margins at 10.5% (v/s est. of 12.1%, +70bp QoQ, -370bp YoY) were impacted by (a) inventory de-stocking, (b) fixed cost/depreciation at Gujarats new line & engine plant, (c) forex, and (d) conversion cost inflation. These headwinds were more than offset by lower discounts, price increases and lower staff costs.