PAT driven by margin improvement: ABFRL delivered a stellar 1QFY20 performance, with EBITDA increasing by 25% YoY to INR1.4b (5% beat) led by 8% YoY revenue growth. Lifestyle/Pantaloons reported healthy EBITDA growth of 22%/12% YoY, with a margin improvement of 120bp/20bp YoY (largely as the overall gross margin expanded by 220bp YoY). PAT adjusted for Ind-AS 116 stood at INR216m, implying a jump of 4x YoY, led by higher...