Nilkamal (NILK) reported another subdued quarter amid challenging business environment, particularly on industrial segment front. Net sales declined by 7.3% YoY to Rs5,226 mn. Softness in raw material prices aided EBITDA, which came in at Rs630 mn, up 25.6% YoY. EBITDA margin improved by 316bps over Q3FY19 to 12.1%. Sharp increase in depreciation and interest outgo dented net profit which was at Rs276 mn, marginally up by 0.5% YoY. Plastic segment revenue was down by 8.8% YoY to Rs4,662 mn, while retail business grew by 6.1% YoY to Rs615 mn. We have revised our sales numbers downward considering muted demand outlook, while savings in raw...