3 February 2020 Total volumes for CY19 were 4% lower YoY to 204m liters, while realization was 4% higher YoY to INR190/liter (highest ever). Gross margin was 11% higher YoY to 104.4/liter, led by reported record-high gross margins of INR108/liter (+7% YoY) in 4QCY19. The improvement in realization and gross margin for full-year CY19 was aided by improved product mix and robust cost control, led by process efficiencies and debottlenecking in 3QCY19. CSTRL has been increasing its dividend since the last three years and has recommended total dividend of INR5.5/share for CY19. At current levels, dividend yield remains attractive at ~3.7%, maintain 4QCY19 reported net sales were ~5% below estimate at INR10.1b (-2% YoY), owing to lower realization at INR187/liter (-3% est. -2% YoY). Sales volume came in line at 54m (flat YoY). However, EBITDA was 10% above est.