CSTRL's Q2CY19 volumes were in line with our estimates at 55.4 TKL. Revenue increased 2.2% YoY and by 6.5% QoQ, due to growth in the personal mobility segment, focus on channels, and new premium products. Gross spreads declined by 2% on a sequential basis. We expect spreads to remain stable/expand going forward, as CIL has already hiked prices in Q1CY19. CIL has been continuously working on protecting margins with sustainable growth. Management expects H2CY19 to boost volumes and they maintain they guidance between 2%-4%. Volume growth with spreads...