Finolex reported weak results wherein revenues grew by merely 2.1% (6% below our estimates) due to lower volume growth of 3% y-o-y in electrical wires hit by subdued construction activity and deceleration in OFC in communication segment. EBITDA declined 18% on higher other expenses including higher promotional expenses in its fast moving electronic goods (FMEG) segment leading to contraction of 328 bps y-o-y in EBIDTA margin to 13.1%. However, due to lower ETR (31% v/s 35% in Q1FY19) the decline in PAT was restricted to 10% y-o-y to Rs...