Ratnamani Metals & Tubes (RMTL) reported a mixed set of results during Q1FY20, as revenue was below expectation; while beat on operating margins and the PAT front. Revenues declined 4% y-o-y to Rs 588 crores owing to weak revenue performance in carbon steel division (down 23% y-o-y largely due to 34% y-o-y decline in volumes). EBITDA margin came at 17.5%, an improvement of 267 bps y-o-y, exceeding estimates, largely on account of ease in input cost pressures (gross margin expanded by 208 bps to 34.1%) along with operating efficiencies. Carbon steel (CS)...