MTEP reported lower topline growth primarily due to slowdown in paint industry. Revenues grew 5.0% YoY but de-grew 11.9% QoQ to Rs 1,007m. EBITDA stood at Rs 192m, up 11.2% YoY but lower 8.5% QoQ. Improvement in gross margins by 460bps YoY and 280bps QoQ due to benign crude prices, EBITDAM expanded 110bps YoY and 70bps QoQ to 19.1. EBITDA/kg was Rs 34.3. PAT grew marginally (1.9%) YoY but de-grew 16.2% QoQ to Rs 88m. EPS stood at Rs 3.2. Q3 Paint volumes stood at 2,894 tons up 12.4% YoY (due to additional volumes from Vizag & Mysuru) but de-grew 20.9% sequentially due to slowdown in the...