Future Supply Chain Solutions (FSCSL) reported strong standalone revenue growth of 33% YoY in Q4FY19, led by robust traction in contract logistics (+42% YoY). Decline in gross margins (333bps YoY) were offset by lower staff (332bps) and other expenses (149bps), translating to EBITDA margin expansion of 147bps YoY to 14.2%. Continued traction in contract logistics is encouraging. We broadly maintain FY21 estimates while raising FY20 PAT by...