Cera Sanitaryware (CRS) reported above-estimated revenue growth of 14.5% YoY in Q4FY19 driven by 30%/22% growth in the tiles/faucet segments. Operating margins expanded 132bps YoY to 15.4% primarily due to lower other/employee expenses 217bps/118bps YoY, resulting in EBITDA/PAT growth of 25%/24% YoY. Management has guided for 13-14% revenue growth and ~15% margins in FY20. We increase FY20-FY21 PAT estimates by 4-5%...