EBITDA margins flat QoQ despite better mix, favorable commodity prices: Revenues grew 9% YoY to INR74b (our est. INR71.4b), with volume growth of 14% YoY. Realization improved 5.3% QoQ (down 4.6% YoY) to INR62k/unit (our est. INR59.8k/unit) due to favorable mix. EBITDA declined 12.6% YoY to INR11.6b (in-line), implying an EBITDA margin of 15.7% v/s our est. of 16% (390bp YoY, +10bp QoQ). Higher other income boosted adj. PAT to ~INR10.7b v/s our est. of ~INR10b. FY19 volumes/revenue/EBITDA/PAT grew 25%/20%/3%/10% - largely reflecting for trade-off of margins for market share. Management commentary: (a) Despite regional festivals in few states,...