Operational performance below expectation, impacted by weak overseas business: 1QFY20 consol. revenue remained flat YoY at INR6.2b (v/s our est. of INR7.2b), impacted by 18% YoY decline in exports and overseas business (INR350m translational loss in the overseas business). EBIDTA declined 2.8% YoY to INR1.3b (below our est. of INR1.5b). Margin declined 80bp YoY to 20.5% (below our est. of 21.3%) due to (a) raw material price (ammonium nitrate) increase not being completely passed on to the end consumer, and (b) forex loss of INR90m being impacted due to INR appreciation. Adj. net profit grew 5%...