We upgrade HAVL to Hold as we believe that near term demand headwinds as well as earnings downgrades have already been factored in stock price. Q3 Revenue declined by 10% YoY on account of weak macros, tight liquidity situations, slowdown in infrastructure spending and muted consumer sentiments impacted overall demand scenario. EBITDA margin was stable at 11.8% due to cost rationalisation. PAT grew by modest 2.4% YoY supported by tax cut. We lower our EPS estimates by 9.2% & 8.6% for FY20E & FY21E, as we factor the impact of Q3 on our estimates....