GMM Pfaudler Ltd (GMM), for Q1FY20, reported a strong set of numbers. On standalone basis revenue grew by 39.4% YoY to INR 1,303mn (est INR 1,207mn). EBITDA showed growth of 56.8% YoY to INR239mn (est INR203mn) with 200bps YoY improvement in margin from 16.4% in Q1FY19 to 18.4% in Q1FY20, due to favorable product mix mainly led by Glasslined business ,which grew by 46% YoY with 74% contribution in revenue (vs 71% in Q1FY19). However, Heavy engineering business delivered poor performance with 40% decline in revenue and 2.8% EBIT margin compared to 22.1% in Q1FY19. As per the management, the decline in margin was due to cyclical nature of the business and expect improvement in margin going forward. Net profit surged by 61.2% to INR 147mn (est. INR125mn) due to operationally strong performance and lower tax expense (28.4% vs 34.4%). During the quarter, export share in revenue remained at 12%. Most of the export orders were mainly...