SKF reported a weak set of Q4FY20 numbers, which were below our estimates. However, higher other income provided a much needed cushion to the bottomline. SKF registered a revenue decline of 18.5% YoY at | 610.2 crore (vs. I-direct estimate of | 674.6 crore) primarily due to sluggish demand from the auto sector. EBITDA margins contracted ~470 bps YoY to 10.1% on the back of a decline in gross margins by ~290 bps. On the expenses side, employee cost declined 7.8% YoY to | 58.1 crore while other expenses registered a decline of 15.4% to | 110.4 crore. Absolute EBITDA declined...