Operating deleverage hurts margins: Revenue declined ~6% YoY to INR14.2b (our estimate: INR13.9b). Volumes were down by ~14% YoY in Tractors and by ~21% YoY in Construction Equipment (CE). However, Railway revenue grew ~34% YoY. Tractor realizations improved ~6% QoQ (+8% YoY) to ~INR519k, driven by higher spares revenue and ~1% price hike in Apr'19....