Mahindra CIE 7 May 2019 1QCY19 consol. net sales grew ~9% YoY to ~INR21.7b. EBITDA margins were stable at 13% (flat QoQ/YoY) and EBITDA grew 9% YoY to ~INR2.8b. PAT at ~INR1.53b, a growth of ~16% YoY. revenue grew ~3% YoY (+4% QoQ) to INR8.4b, despite ~9% YoY production decline for key customers. PBIT margin grew 100bp YoY to 11.6% due to higher other income (adj. for which there is 40bp YoY decline). revenue grew ~15% YoY to INR13.3b (constant currency growth of 14%), driven by strong growth at Metalcastello and Lithuania business.