Volumes declined 0.4% YoY in 4QFY19 due to lower tractors volumes (-14.5% YoY), partly offset by higher UV volumes (+5.7% YoY). Realizations increased 5% YoY (+6% QoQ) to ~INR586.2k (our estimate: INR556.6k). Net sales (incl. MVML) were up 5% YoY to INR138b (our estimate: INR131b). EBITDA declined 6% YoY to INR18.7b (our estimate: INR15b), with the margin contracting 160bp YoY (+30bp QoQ) to 13.5% (our estimate: 11.5%). Auto PBIT margin shrank 170bp YoY (+300bp QoQ) to 8.8%. Tractor EBIT margin contracted 330bp YoY (300bp QoQ) to 16.2%. Adj. PAT declined 6% YoY to INR10.5b (our estimate: INR7.5b). For FY19, revenue/EBITDA/ adj. PAT were up 11%/7%/25% YoY....