FY20 to be a slow growth year downgrade to REDUCE Q4FY19 was a big miss after a solid beat in the last two quarters. Revenue/EBITDA were 8%/23% below estimates. A large part of the miss was due to increase in RM prices, which would take 5-6 months to normalise, and a weak product mix. FY20 should be a year of slower growth (after a high base in FY19), with management guiding for 10% revenue growth and steady margins. This along with full valuations drives our rating cut to REDUCE (vs. ADD) with...