Finolex Industries (FIL) Q1FY20 revenue was a beat, whereas EBITDA and PAT were below our estimates owing to lower PVC-EDC spread and inventory loss due to decline in PVC prices. Revenue was up 14% YoY to Rs9.4bn, whereas EBITDA/PAT declined 36.3%/29.8% YoY to Rs1.2bn/Rs725mn. PVC resin volume and PVC pipes and fittings volume witnessed growth of 14.7%/18.1% YoY to 78,512MT/91,655MT respectively. The company has maintained its volume growth guidance of 12%-15% in pipes and fittings segment for FY20E. FIL's backward integrated operations for resin manufacturing, healthy revenue mix of agri/non-agri pipe segment (70%/30%) and well...