4QFY19 flat sales growth of INR6.1b (our est. INR7b), was led by meager overall volume growth of 1% YoY. EBITDA declined 18.5% to INR1.2b (our est. INR1.5b), while Adj. PAT was down 20.4% to INR750m (our est. INR1b). Gross margin expanded 100bp YoY to 63.6%. Yarn costs were stable. EBITDA margin was down sharply 440bp YoY to 19.7%. Employee costs as % of sales were up 430bp YoY while other expenses as % of sales were up 110bp. FY19 performance: Sales/EBITDA/Adj. PAT grew 12%/14%/13%. Overall volumes grew 5.6% for the year. Gross margins were up 60bp YoY to 58% while...