expanded 260bp YoY (+340bp QoQ) to 15.5% (our est. 12.9%) led by incentives, decline in RM and better mix. Adj. PAT grew 35% YoY to INR1.1b. EU business revenues grew 12.5% YoY to INR5.6b (in-line), with CC revenue growing 10.9% YoY. EBITDA margin expanded 130bp YoY (+200bp QoQ) to 20.9%, driven by higher tooling revenues. Higher depreciation restricted PAT growth to 17% YoY at INR384m (our est. INR352m). Key highlights from earnings call: (a) In FY19, ENDU received new orders of INR10.3b in India and ~EUR60m in the EU business, taking the total Europe...