Standalone revenue was down 9% YoY at INR13.5b (our estimate: INR17.1b) in 1QFY20 due to lower tonnage (-9% YoY/-3% QoQ to 60.9k ton). Realization declined 17% QoQ (flat YoY) to INR221.2k/ton (our estimate: ~INR267.5k) due to 2% price pass-through and de-growth in Oil & Gas/Defence. EBITDA declined 18% YoY to INR3.5b (our estimate: ~INR4.9b), with the margin contracting 290bp YoY/QoQ to 26.1% (our estimate: 28.8%). Adj. PAT declined 26% YoY to INR1.7b (our estimate: INR2.7b). Key highlights from earnings call: (a) Oil & Gas de-stocking impact is behind...