to ~INR504k due to a weaker mix. EBITDA margin of 9.6% (our estimate: 9.8%) was impacted by operating deleverage and an adverse mix in Tractor/Rail. PBT declined ~24% YoY, but lower tax drove PAT growth of ~10% YoY to INR1.1b (our estimate: INR1b). Tractor segment PBIT margin shrank ~440bp YoY (-60bp QoQ) to 10.3%. 1H performance: ESC reported positive CFO of ~INR3b (v/s negative ~INR2.7b in 1HFY19), led by lower working capital. FCFF was at ~INR2b (v/s INR3.4b in 1HFY19). Revenue/EBITDA/PAT declined ~6%/21.5%/9.5% YoY. Earnings call highlights: (a) Industry volumes declined 10% YoY. ESC's strong...