After a modest Mar'19 quarter, Q1FY20 is also expected to be sluggish for our logistics coverage universe as key economic indicators remain subdued. Median revenue growth for our coverage stocks is estimated at 10.9% YoY in Q1 vs. 15% in FY19. We expect TCIEXP/TRPC to outperform with PAT growth of 23%/14% YoY, while others are likely to record <12% YoY growth. The impact of new lease accounting norms (Ind-AS 116) on reported financials...