Consol. revenue/EBITDA largely in-line: Consol. revenue grew by 4% YoY to INR10.2b (our estimate: INR10.3m). Adjusting for Ind-AS 116 impact, liketo-like EBITDA was up 16% YoY at INR1,287m (our estimate: INR1,219m), with the margin expanding 130bp YoY to 12.6% (our estimate: 11.9%). Adj. PAT declined 82% YoY to INR34m (our estimate: INR154m) on account of lower profit at JVs/associates (INR45m v/s our estimate of INR96m) and higher tax (1QFY19 had a tax benefit). mainly driven by UK/US hotels: Standalone revenue was up by only 1% YoY to INR5.7b, impacted by a 2.5% decline in RevPAR amid elections....