to 14.4% (-30bp QoQ), potentially due to the company's recent focus on price competitiveness. EBITDA margins contracted 25bp YoY as the drop in GM was partly offset by operating leverage benefits. PAT grew 20% YoY (9% miss) to INR2b, as EBITDA growth was partly offset by 33% YoY increase in depreciation cost. For FY19, consol. revenue/EBITDA/PAT grew 33%/21%/12% YoY with 21 store additions, taking the total store count to 176. Risk of decelerating earnings growth: DMART's pace of footprint addition in FY19 slowed to 14% v/s the high-teens growth seen in the last 2-3 years....