Operating performance exceeds expectations: Consol. revenue increased 24% YoY in 1QFY20, exceeding our estimate by 11%, led by strong 47% growth in UCP segment. As a result of a higher effective tax rate (32% v/s our estimate of 27%) and higher losses in JVs, net profit increased at relatively low rate of 6% YoY to INR1.9b (in-line). Strong summer trumps consumption slowdown: According to management, industry growth stood at 36% for the quarter. Against the backdrop of slowing consumption in the economy, this validates that the...