impacted by lower gross margin (-70bp YoY; 34.2%) and higher employee expenses (10% v/s 9.6% in 4QFY18). Adj. PAT declined 13% YoY to INR1.4b (our est. INR1.7b), impacted by lower-than-estimated other income of INR692m (our est. INR814m) and higher-than-estimated tax rate of 32.4% (our est. 29.5%). For FY19, Sales/EBIDTA/PAT increased 11%/24%/2% YoY. Domestic business shines; but exports decline sharply: Domestic business grew a robust 22% YoY to INR13.3b, on strong growth in Power Generation (+21% YoY) and Industrial (+37% YoY) segments. Demand from Data center,...