24 October 2019 Revenue declined 16.7% YoY to higher spare sales. EBITDA declined ~20% YoY (-5% QoQ) to ~INR11b (our 13.4% due to lower RM cost, cost savings and lower-than-estimated variable market spend. PBT before EO item declined 24% YoY. PAT decline to ~6% (at INR9.2b versus our estimate of INR8.6b). (a) Festive season is building up well with low- single-digit growth in retails (after a 12% decline in the preceding six months). Even after Dussehra, there is no let-up but a build-up in momentum. However, it expects a sustained recovery to take some time. (b) Pick-up is prominent in rural and not in urban markets. (c) First indication of a rural recovery to be visible from the third week of November when Rabi sowing starts.