EBITDA grew 3% YoY to INR31.9b, while PAT was down 5% YoY to INR8.9b in FY19. The numbers are not comparable to the previous year, as the company used to follow cash-accounting for its regulated distribution business until FY18. Assuming similar accounting even in the previous year, TPW's EBITDA would have increased by ~10% and PBT by ~29%. The strong underlying performance was driven by: INR1.4b from the distribution franchisee, as AT&C; losses in Bhiwandi and Agra were down by ~240bp/480bp to 14.9%/16.1% in FY19. INR0.9b from the regulated distribution circles of Ahmedabad and Surat, led by...