Higher tax marred the Q4 PAT: For Q4FY19, Subros reported decline in Revenue/EBITDA by 6%/14%, YoY, impacted by auto industry slowdown. EBITDA margins declined by 92bps YoY due to higher raw material cost (due to change in product mix and currency appreciation) and other expenses. However lower depreciation and interest cost (due to debt repayment) and higher other income led to PBT growth of 7% YoY which got pulled down due to higher tax rate of 45%. Thus PAT declined by 13% YoY, due to absorption of carry forward of unabsorbed depreciation....