MSIL Q1FY20 results were below our and in-line with consensus estimates at operating level. EBITDA margin declined to 10.4% vs our and consensus estimates of 11.8% and 10.4% respectively. Margins were majorly impacted due to higher discounts and sales promotion expenses. Adj. PAT for the quarter stood at Rs14.3bn below our estimates of Rs16.3bn; mainly on account of higher depreciation and lower other income. We cut our volume estimates for FY20/FY21 by 13%/15% factoring the slower growth for PV industry. We expect that weaker consumer sentiment, higher inventory and tight liquidity conditions would continue to impact MSIL. We cut our revenue/earnings...