7 May 2019 FY19 operating revenue declined 9% YoY with EBITDA margin crashing to 5.3% (from 23% in FY18), given the operating leverage in the business. PAT before share of profits from CDSL, declined 24% to INR1.65b. 4QFY19 operating revenues (excluding treasury income), was down 19% YoY to INR1.13b (but better than our est. However, operating EBITDA came in at -INR5m (lower v/s our est. of INR62m), mainly on account of higher other expenses at INR500m (v/s our est. PAT was 16.6% lower YoY at INR519m, but a 25% beat to our estimate, on account of higher income from other sources (MF platform, income from investment and deposits). amounting to INR4.6b ~25% of the companys unencumbered cash and ~14% of market cap.