Somany Ceramics (SOMC) reported a 4% YoY dip in Q4FY19 consolidated revenue to Rs 5.2bn with tile volumes falling 3.3%. Consolidated operating margins rose 210bps YoY to 13.6% due to higher gross margins (+198bps), aiding EBITDA/PBT growth of 13.4%/16.6% YoY. Management has guided for double-digit volume growth in tiles, with stronger margins in FY20. We trim...