D'Mart maintains strong revenue growth in Q4FY19 at ~32%YoY, but EBITDA margin declined by 20bps YoY to 7.5%. Gross margin declined by 50bps YoY to 14.4% as the company focused on top line growth at the cost of margins. Store additions has been below expectation but still healthy at 21 stores in FY19 Vs 24 stores in FY18. Board has approved QIP issuance of 2.5cr shares (~Rs3,1bn at CMP) which could lead to faster pace of store additions while dilute EPS (4%) in near-term. Debt payment of Rs1,034cr (till FY19) out of total allocated...