EBITDA margin contracted 610bps YoY to 25.8%, a multi-quarter low, due to lower revenue and higher costs. Revenue declined 6.8% YoY to Rs. 2,361cr in Q1FY20 (Rs. 2,460cr in Q4FY19) owing to the overall sluggishness in the auto sector. Furthermore, higher discounting and implementation of ABS strained the margins. Capitalisation of Vallam Vadagal's second phase and adoption of Ind AS-116 caused a spike in depreciation. Increase in employee benefit expenses (up 23.8% YoY) and other operating expenses (up 8.9% YoY), along with higher depreciation, led to EBITDA...