MSIL Q4FY19 results were below our and consensus estimates at operating level. EBITDA margin declined to 10.5% vs our and consensus estimates of 11.7% and 12.5% respectively. Margins were majorly impacted on account of higher commodity prices, foreign exchange fluctuations and higher sales promotion. Adj. PAT for the quarter stood at Rs17.9bn above our and consensus estimates of Rs16bn and Rs17.6bn respectively mainly on account of higher other income. We cut our FY20E EBITDA/EPS estimates by 7%/8% respectively and introduce FY21 estimates. We have built in revenue/earnings CAGR of 10%/12% over FY19-21E with ROE of ~17% and average free...