Operating performance ahead of expectations: Sales grew 44% YoY to INR20.7b in 4QFY19. EBIDTA increased 24% YoY to INR1.7b, as margin contracted 140bp YoY to 8.2%. Adj. PAT grew 64% YoY to INR1.2b, ahead of our estimate of INR979m, supported by a lower tax rate at 36%. Revenue growth to moderate due to lower opening order book: Weak order inflow (-12% for FY19) and healthy execution (+34% YoY) have led to a decline in order backlog (-6% YoY to INR53.7b). Thus, we believe revenue growth will moderate in FY20 (+7.7% YoY). However, with ordering activity showing signs...