Volumes were down 2% YoY in 2QFY20. However, revenue grew 1% YoY to INR17.4b (in-line), led by a 3% YoY improvement in realization. EBITDA increased 5% YoY to INR4.3b (in-line), with the margin at 24.5% (+1pp YoY). PBT of INR3.5b (-25% YoY; +9% QoQ) too was in line with our estimate. There was an exceptional expense of 31 October 2019 INR8.6b as part of Service Export from India Scheme (SEIS) income recognized for prior years was disallowed by the DGFT. CCRI is in the process of filing an appeal in the matter. Post-tax loss thus stood at INR3.2b versus a profit of INR3.4b in 2QFY19. The company has opted for the new tax rate of 25.