10 February 2020 MSS third-quarter performance was weak across businesses due to revenue weakness-led operating deleverage. Continued reduction in losses of SMPs greenfield plant was the only positive. EPS by 10.5%/9% to factor in near-term volume weakness across key businesses. Maintain as we see scope of twin benefit of a cyclical recovery and a sharp turnaround at the new plant. revenue/EBITDA/PAT declined ~5%/11%/23% YoY to INR156.6b/INR12.4b/INR3b. revenue increased 4% YoY, but EBITDA/PAT were down 7%/16% YoY. Standalone revenue declined 5% YoY led by copper price decline (-5% YoY) and weak PV industry (-8%). EBITDA margin was flat YoY/QoQ at 15% (est.