Beat estimates; Short term blip, long term positive CEAT reported a strong operating performance in Q4FY20, despite challenging conditions. EBITDA grew 23% YoY to Rs 2bn. Operating margin benefited from lower RM prices, operational efficiency, and 40bps in positive impact due to finished goods inventory absorption. EBITDA margin, adjusted for one-offs, expanded 190bps QoQ to 12.3% (versus our estimate of Rs.10.3bn). Consolidated revenue de-grew 10.6% YoY to Rs.15.7bn (versus our estimate of Rs.16.1bn)....