In Q4FY19, Raymond reported an 11% growth in sales, broadly in line with our estimates, mainly driven by growth in Apparel (21% yoy). Growth in Textiles was slower at 4%, while the Shirting and Garmenting segments grew moderately at 7% and 5%, respectively. EBITDA stood at Rs1,669mn, up 11% yoy but lower than our estimates by 7%. Margins, however, were flat. There was a 360bps negative impact on Textiles due to higher input...