Greaves Cotton came out with good set of numbers, revenue surpassed our estimate, however EBITDA and PAT were slightly below our estimate. Standalone revenue for Q4FY19 grew 8.6% YoY to Rs 5281 mn, ahead of our estimate of Rs 4740 mn, while EBITDA came at Rs 700 mn slightly below our estimate of Rs 760 mn. EBITDA margin contracted by 112bps YoY to 13.3% from 14.4% in Q4FY18, mainly due to high commodity prices and slower after market growth. Adjusted PAT (adjustment for exceptional item comprising of Rs 155mn provision for IL&FS; exposure) for the quarter stood...