Voltamp Transformers reported good set of numbers in Q2FY20, mostly in line with our estimate except a miss on revenue front. Revenue for the quarter stood at Rs 1,949 mn, below our estimate of Rs 2,130 mn, registering +3.1% YoY/4.0% QoQ growth. Despite higher employee costs and other expenses, Voltamp was able to expand its margin by 74bps YoY to 10.8%, which is commendable. We are positive on Voltamp from longer term perspective owing to its debt free status, free cash flow generation...