Weak Q4: FY20 appears more sanguine; Maintain Buy Q4 was a weak quarter in both RAC and projects business. We believe FY20 should be a normal year on the back of Q1FY20, which is expected to be good on the back of good summer- a fact corroborated by competitors and channel checks. While project business suffered due to quarterly quirks, it was decent on a FY basis. With FY20 expected to be normal, we expect balance sheet, currently expanded due to working capital, to improve as well. We continue to like the structural penetration story of ACs and...