Gross margin stood at 62.9% and contracted 380bp YoY on high base of past year. EBITDA margin at 21.4%, contracted 540bp YoY, largely due to change in product mix and higher other expenses as % of sales (+130bp YoY). Absolute EBITDA at INR8b (our est. INR7.2b) was down 8% YoY. PAT came in at INR4.6b (our est. INR3.9b), down 24% YoY. In FY19, sales/EBITDA/PAT stood at INR131b/INR30b/INR18.7b up 10%/5%/4% YoY. Key Con-call highlights: (a) Despite high base of FY19 witnessed in US sales, CDH guided to maintain business to remain at similar levels (USD900m) in...