Profit below est. due to plummeting margins: 1QFY20 revenue grew 3.7% YoY CC (v/s est. of +3.8% YoY), EBIT declined 8% YoY (v/s est. of +10.5% YoY) and PAT increased 7% YoY (v/s est. of +17.9% YoY). EBIT margin declined 390bp QoQ to 11.4% (220bp miss to our est. of 13.6%). Margins were primarily impacted by a sharp decline in GPM, down 430bp QoQ to 28.8% (260bp below our est.). PAT at INR9.6b, was down 15% QoQ (9% miss to our est.), mainly due to operational miss; it was partially offset by higher other income at INR3.4b (v/s est. of INR2.6b)....