Consolidated revenue growth at 10% YoY (I-direct estimate: 15% YoY) was led by ~11% YoY growth in the C&B; segment while industrial product segment revenue increased ~7% YoY. Standalone business volume growth was impacted by lower offtake by dealers owing to recent price hikes. However, FY19 volume growth at ~10% YoY was led by ~12% volume growth in the C&B; segment. We model volume CAGR of ~12% in FY19-21E led by recovery in demand from C&B; amid better monsoon and higher government spending in rural India. This, coupled with strong performance...