In line Q4; Volumes key for FY20; Maintain Buy The Q4 results were in line, despite tepid volume, aided by two price hikes in FY19. The company has guided for a 10-12% volume growth and has taken actions to achieve that target: a 5% price hike in April 2019, followed by a price freeze for FY20, and locking its costs by paying in advance to the railways. The DFC remains the most important long-term trigger, as apart from boosting volumes, it will aid margins. We retain our FY20 volume guidance, despite recent softness, but trim our FY20 earnings by 15% to...