Share Market Tips For April 2019

Tata Global Beverage Ltd. (NSE: TATAGLOBAL) (Share Price: Rs.215): Potential Buy (10 Steps To Pick The Best Stocks)

Valuation: Fairly-Valued stock with TTM PE of 32x.

Reasons to consider: TGBLs India business witnessed volume growth of 12% aided by strong growth in Tata Tea Gold, Agni, Spice mix, Chakra Gold and Gemini brands. Growth was seen in both regional and national brands. TGBL had taken select price hikes in India tea business in the previous quarter, benefits of which will be reflected in Q1FY20. Starbucks store count stood at 146 stores (opened 15 new stores in Q4FY19 and 30 in FY19). Topline saw strong growth of 30% in FY2019. The management expects Starbucks to be breakeven at EBITDA level in the next 1-2 quarters.

Drivers: TGBL commands 20% market share in tea segment in India and expects to continue growing ahead of the market led by new launches in the economy (elaichi and masala chai) and premium segments (Chakra Gold Activ+ and Kanan Devan Duet in southern markets). The company has opened six new Tata Cha stores in Bangalore with a view to scale up the out of home tea drinking experience format significantly. However, the company focusing on improving its product mix in favour of green tea and premium offerings. Nourishco (50-50 JV with PepsiCo) full year growth stood at 10%YoY growth was led by volumes. The management stated that this entity is close to breakeven levels.

Financial: Company had reported a Revenue of Rs 1775 in Q4FY19 Vs Rs 1689 in Q4FY18 up 5%, Net Profit down 49% to Rs 36 cr in Q4FY19 vs Rs 72 cr in Q4FY18, whereas EBITDA stands at Rs 174 cr in Q4FY19 vs Rs 146 cr in Q4FY18 up 20%.

Avenue Supermarts Ltd. (NSE: DMART) (Share Price: Rs.1300): Avoid

Valuation: Over-Valued stock with TTM PE of 90x.

Reasons to avoid: D-Mart operates in a retail grocery business where competition is rising and retail is becoming an infinite game along with the bigger risk of the rapid expansion of Reliance Retail. Here, Competition means risks to same-store-sales-growth, operating margins and stock valuations. Where, reliance's grocery revenues are now 1.7 times Avenue's estimated grocery revenue and grocery sales grew 65 percent in FY19 against 33 percent for Avenue. Rising competition may blunt DMart's first-mover advantage which will effects its margins and SSSG growth in near term and considering the P/E multiple currently its trading in market slightly miss on the operating margins or on SSSG growth will impact on stock price.

Financial: On the financial front in Q3FY19 Net Sales was Rs 5451 crore vs Rs. 4095 crore in Q3FY18 up 33%. Net Profit at Rs. 257 crore in Q3FY19 vs Rs. 252 crore in Q3FY18 up 2%. Whereas, EBITDA stands at Rs. 462 crore in December 2018 up 6.1% from Rs. 435 crore in December 2017. Avenue Supermart EPS has increased to Rs. 4.12 in December 2018 from Rs. 4.03 in December 2017.

VIP Industries (NSE: VIPIND) (Share Price : Rs.472): Potential Buy

Valuation: Over-Valued stock with TTM PE of 43x.

Reasons to consider: VIP is the market leader in the organized luggage industry, with a revenue share of 50%. Samsonite is the second largest player followed by Safari with a share of 36% and 15% respectively. It has well-diversified product portfolio (six brands and multiple SKUs exceeds 1,500) with Strong distribution network (11,000 touch points), GST implementation (narrowed pricing gap with unorganized players ) and entry into the under penetrated ladies hand bags and backpack market is likely to drive sales CAGR of double digit. While headwinds from currency & crude volatility prevail, product premiumisation (rising share of Caprese and Carlton) and increase in production from captive facilities at Bangladesh will aid in 40bps EBITDA margin expansion.

Key Drivers: Luggage/backpack/handbags market is dominated by unorganized players with a share of 67%, 67%, 92% respectively. With GST implementation, it has brought unorganized players within the tax net and reduced the pricing gap making organized players more competitive. Bangladesh expansion to improve profitability profile as its operations gain scale dependency on China is expected to come down and improve the profitability of VIP due to labour cost arbitrage and import duty advantage. Its brand pull for Skybags is high, Carlton is extremely sturdy product, and trade margins are highest for unbranded products.

Financial: Company had reported a Revenue of Rs 430 cr in Q3FY19 Vs Rs 338 cr in Q3FY18 up 30%, Net Profit down 10% to Rs 24 cr in Q3FY19 vs Rs 27 cr in Q3FY18, whereas EBITDA stands at Rs 40 cr in Q3FY19 vs Rs 43 cr in Q3FY18 down 6%.

Essel Propack Ltd. (NSE: ESSELPACK) (Share Price : Rs.135): Avoid

Valuation: Fairly-Valued stock with TTM PE of 24x.

Reasons to avoid: EPL is one of the largest players in the oral care category (with 40% market share), the company is looking to increase its presence in the non-oral care business (such as beauty, cosmetics and pharmaceuticals). Emerging markets would be the key driver for oral and non-oral care categories due to lower product penetration. In a recent development, private equity player Blackstone has entered into an agreement with Ashok Goel Trust to purchase 51% stake in Essel Propack (EPL) for a consideration of Rs 2157 crore ( Rs 134 /share). Ashok Goel Trust and its affiliates currently hold 57% of EPL. Further, as per the takeover code, this transaction will trigger a mandatory open offer for a purchase of additional 26% shares of the company. The open offer price has been fixed at Rs 139/share. Taking all this into consideration all positive news has been factored in the stock at these price and recent corporate governance issue development of its group company also weigh negative effect on the stock.

Financial: On the financial front in Q3FY19 Net Sales was Rs 695 crore vs Rs. 595 crore in Q3FY18 up 16.7%. Net Profit at Rs. 46 crore in Q3FY19 vs Rs. 41 crore in Q3FY18 up 13.8%. Whereas, EBITDA stands at Rs. 131.3 crore in December 2018 up 14.8% from Rs. 114.3 crore in December 2017.

PC Jeweller Ltd. (NSE: PCJEWELLER) (Share Price : Rs. 132): Avoid

Valuation: Fairly-Valued stock with TTM PE of 14x.

Reasons to avoid: The promoters of PC Jewellers allegedly had a connection with the promoters of Vakrangee, which is already under investigation. Later, one of PC Jewellers' promoters gifted some of his shares to his family members through off-market transactions along with the company also withdrew its buyback offer after failure to obtain clearance from ban which raises the corporate governance issue and resultant the correction in stock of more than 60% from its highs. Since retail investor has kept on increasing the stake this could also mean that stock has in a weak hands and its a highly violatile stock. Company performance also been deteriorating quarter on quarter.

Financial: On the financial front in Q3FY19 Net Sales was Rs 2120 crore vs Rs. 2645 crore in Q3FY18 down 20%. Net Profit at Rs. 138 crore in Q3FY19 vs Rs. 163 crore in Q3FY18 down 15%. Whereas, EBITDA stands at Rs. 285 crore in December 2018 down 10% from Rs. 315 crore in December 2017.

Pidilite Industries. (NSE:PIDIND) (Share Price: Rs.1292): Potential Buy (10 Steps To Pick The Best Stocks)

Valuation: Over-Valued stock with TTM PE of 65x.

Reasons to consider: Pidilite is a dominant player in Indias adhesive market with a market share of 70% in its leading brand categories (Fevicol) in the organised segment. The companys major segments, C&B (consumer & bazaar) product includes, Fevicol & M-seal and specialty industrial chemical recorded sales CAGR of 14%, 8% (standalone), respectively in FY11-18. The C&B segment growth came on the back of demand from the construction, repair & maintenance activities. Its robust 20% YoY topline growth was primarily driven by the C&B (consumer & bazaar) segment led by a significant improvement in demand and commendable scale-up of operations.

Drivers: According to the management there is some respite from falling prices of its major raw material which is VAM where prices below US$1000/tonne from the peak of US$1600/tonne. Thus, we believe the declining trend of VAM & stable rupee would help in recouping the operating margins to 21% in FY21E (18% currently). We maintain our positive stance on growth prospects considering it is the market leader in many consumer adhesive categories and command pricing power. Considering it is set to commence production of Monomethyl Hydrazene synthesis and continuous investments in capacity creations for plants, R&D facilities, Commercialization of new molecules will help PI in clocking 20% CAGR which gives us confidence and superior growth visibility for the next 2-3 years. Along with a strong balance sheet, healthy return ratios & efficient deployment of cash for inorganic expansion gives us comfort despite relatively rich valuation multiples.

Financial: Company had reported a Revenue of Rs 1848 cr in Q3FY19 Vs Rs 1543 cr in Q3FY18 up 19.8%, Net Profit declined by 8% to Rs 219 cr in Q3FY19 vs Rs 239 cr in Q3FY18, whereas EBITDA stands at Rs 337 cr in Q3FY19 vs Rs 370 cr in Q3FY18 down 9% and EBITDA margins were also down 578bps to 18.2% in Q3FY19 from 24% in Q3FY18.

UPL Ltd (NSE:UPL) (Share Price: Rs.932): Potential Buy

Valuation: Fairly-Valued stock with TTM PE of 24x.

Reasons to consider: UPL Limited provides crop protection solutions. The Company is engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals. UPL solid 17.4% topline growth was driven by volume growth of 6% and a price hike of 7% YoY. Geographically, LatAM (+27%), Europe (+37%) and North America (+22%) which aided growth. EBITDA increased 22.6% YoY to Rs 1016 cr with the margin expanding 90bps YoY to 20.6% whereas PAT was flattish YoY at RS 634 cr.

Drivers: The company witnessed disappointing quarter primarily on account of erratic rainfall and poor Kharif yield in India which collectively resulted in stressed cash flows for farmers. However, company has continued its outperformance in the LatAM market (market growth in Brazil @ 18%) with 27% growth driven by Unizeb, Sperto and successful launch of a herbicide (branded as Strim). It has successfully closed the transaction of Arysta as on 31st Jan 2019. The company would be consolidating two months of Arystas financials in Q4FY19. Arystas revenue in CY18 stood at USD2b and EBITDA at USD450m. The companys brand Lifeline continues to grow despite the increase in acreage of Dicamba-tolerant seeds. Rather, the company launched Lifeline in Canade and expects it to be significant in near future. UPL reported a revenue growth of 21.5% in North America to Rs 866 cr (22% contribution in Q3FY19) and revenue growth of 36.6% to Rs 511 cr in Europe (17% contribution in Q3FY19). However, UPL performance has been above par with the growth in Q3FY19 being driven by growth in Mancozeb and Sugarbeet herbicide.

Financial: Company had reported a Revenue of Rs 4921 cr in Q3FY19 Vs Rs 4194 cr in Q3FY18 up 17.4%, Net Profit remain flattish to Rs 634 cr in Q3FY19 vs Rs 632 cr in Q3FY18, whereas EBITDA stands at Rs 1016 cr in Q3FY19 vs Rs 829 cr in Q3FY18 up 22.6% and EBITDA margins were also up 90bps to 20.6% in Q3FY19 from 19.8% in Q3FY18.

Asian Paints Ltd (NSE:Asian Paints) (Share Price: Rs.1465): Potential Buy

Valuation: Over-Valued stock with TTM PE of 65x.

Reasons to consider: Asian Paints is the industry leader in the decorative paint segment with 53% market share and a dealer network of over 55,000 across India. It derives 89% of its top line from the decorative segment while the rest comes from the industrial segment. APL posted a robust performance with topline growth of 24% YoY since after FY11 led by strong growth in volume. Strong festive demand coupled with aggressive price hikes which helped the top line to grow double-digit in Q3FY19. In concall it has given a cautiously optimistic outlook as sales growth will remain sensitive to overall demand and elections with high raw material prices will aid to its margins downward despite a recent price hike in its products.

Drivers: Reduction in the GST rate from 28% to 18% would benefit organised players in the long run while rising tax compliance would hit the unorganised segment. With the expansion in paints capacity in Andhra Pradesh and Karnataka, APL is best placed to capture this additional demand, going ahead. It has witnessed a significant expansion in EBTIDA margin (by 400 bps in FY15-17) owing to lower raw material prices and rising proportion of premium products in the portfolio. However, a reversal was witnessed from FY18 onwards owing to the inability to pass on a sudden rise in crude based raw material prices. However, the management has indicated at a price hike at a regular interval in case of adverse movement of raw material prices to stable the margins. We believe the strong volume witnessed during the quarter factoring in structural demand given the lower per capita paint consumption in India with rising increase spending in infra and housing by the govt will give the boost to paint companies and APL will be the market leader will major benefit in this space.

Financial: Company had reported a Revenue of Rs 5294 cr in Q3FY19 Vs Rs 4260 cr in Q3FY18 up 24%, Net Profit improved 14% to Rs 647 cr in Q3FY19 vs Rs 567 cr in Q3FY18, whereas EBITDA stands at Rs 1043 cr in Q3FY19 vs Rs 891 cr in Q3FY18 up 17% and however, EBITDA margins declined due to increase in raw material prices down 122bps to 19.7% in Q3FY19 from 20.9% in Q3FY18.

Varun Beverages Ltd. (NSE: VBL) (Share Price: Rs.852 ): Potential Buy

Valuation: Over-Valued stock with TTM PE of 53x.

Reasons to consider: VBL is the second largest Pepsico franchisee in the world (ex-US) for carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs). VBL manufactures and distributes PepsiCo products in the territories assigned through exclusive franchise agreement. It enjoys over 25 years of strategic association with PepsiCo and today accounts for 51% of PepsiCos beverage sales volume in India. Revenues witnessed growth of 49% to Rs 785 crore led by 40% volume growth in Q4. The company reported organic volume growth of 12.6% in the India business whereas it reported 9.8% on a consolidated basis during 2018. In Q4 EBITDA grew 46% YoY to 47.8 crore. Operating margins declined 119 bps to 19.7%. Net Loss during the quarter declined 2% to Rs 70.8 crore.

Drivers: VBL has expanded its operations in India through the acquisition of additional territories from PepsiCo in the last few years. On the rising health and wellness wave, india is witnessing a shift from the CSD to the NCB segment. To tap this opportunity, PepsiCo is focused on innovation and launch of new drinks in NCB space. In the recent past, it has launched Masala Nimbooz, Tropicana Fruitz, 7 Up Revive & Sting. The company plans to leverage on the Tropicana brand and launch more fruit juices. It has been continuously looking for newer territories to expand its base in untapped geographies and will remain a proxy play on soft drink industry in India. New territories & products give company an opportunity to expand volume & market share. Recently it has acquire franchisee rights of the beverage business of the foods and snacks major in southern and western India and with correction in the sugar price will also improve margins for the company in future.

Financial: Company had reported a Revenue of Rs 785 cr in Q4CY18 Vs Rs 527 cr in Q4FY17 up 3.4%, Net Loss declined by 2% to Rs 70.8 cr in Q4CY18 vs Rs 72.1 cr in Q4FY17, whereas EBITDA stands at Rs 47.7 cr in Q4CY18 vs Rs 32.6 cr in Q4FY17 up 46.6%. Currently, D/E ratio stood at 1.3x.

JK Lakshmi Cement Ltd (NSE: JKLAKSHMI) (Share Price : Rs.356): Potential Buy

Valuation: Over-Valued stock with TTM PE of 55x.

Reasons to consider: JK Lakshmi Cement Limited is a holding company. The Company is a manufacturer of cement. During Q3 company volumes increased 9% YoY to 2.31mt and realizations of Rs 4,056/t (+2% YoY). Revenue grew 12% YoY to Rs 935 cr and Net profit also grew 71% to Rs 14.8 cr YoY, whereas, power consumption improved to 69KWH/MT v/s 70KHW/MT in Q3FY18.

Key Drivers: Company has been witnessing several positive factors like sustained infrastructure spends in low cost housing, roads, pickup in private capex which will boost cement consumption. The northern region (where JK Cement sells 60% of volumes) is expected to witness limited capacity addition CAGR of 3.0% while demand is expected to grow 7-8% led by the above mentioned reasons. These factors would result in improved utilisations. Majority of the companys capacity expansion is complete while only 0.8 MT grinding unit at Odisha yet to be commissioned. The grinding unit will cater to the coastal Odisha market where realizations are healthy. Furthermore, the addition of the grinding unit, its capacity will be 13.3 MT by Q4FY19 and with limited clinker capacity addition and improved demand in the northern region, we expect utilisation to firm up in coming years. Company has been taken various initiatives like cost control, captive power plant (20 MW) and conveyor belt at Durg along with softening prices of some key raw materials like petcoke are expected to drive margins in coming quarter.

Financial: Company had reported a Revenue of Rs 935 cr in Q3FY19 Vs Rs 837 cr in Q3FY18 up 11.8%, Net profit of Rs 14.8 cr in Q3FY19 vs Rs 8.6 cr in Q3FY18 up 71%, whereas EBITDA stands at Rs 98.3 cr in Q3FY19 vs Rs 94.3 cr in Q3FY18 up 4.2% and EBITDA margin down by 76bps to 10.5% in Q3FY19 vs 11.3% in Q3FY18.

Greenply Industries Ltd (NSE: GREENPLY) (Share Price: Rs.166): Potential Buy

Valuation: Over-Valued stock with TTM PE of 19x.

Reasons to consider: Greenply Industries Limited is an interior infrastructure company. The Company is engaged in the business of manufacturing plywood and allied products, medium density fiberboards (MDF) and allied products through its factories at various locations. Greenply Industries (GIL) topline grew 15.9% YoY to 462.9 crore on account of strong growth in plywood business and with government has set an aim to build 1.2cr houses by 2022 under PMAY, which would increase the demand for plywood industry for making doors and furniture.

Key Drivers: GILs plywood volumes grew 17.3% to 14.6 million square metre (MSM) in Q3FY19. This was on account of 22% volume growth in the premium plywood segment, leading the company to gain additional market share in this segment. Also, mid-segment plywood showed 9% volume growth during the quarter. MDF division revenues grew 7.7% YoY to 123.4 crore due to strong volume growth of 33.9% YoY to 58648 CBM in Q3FY19. Of the 58648 CBM sales volumes in Q3FY19, 32279 CBM came from Uttarakhand plant, while 26369 CBM was from AP plant. With most players, including GIL, taking price cuts in the MDF segment and with higher sales volume of the export component, MDF realizations fell 19.8% YoY to Rs 20960/CBM in Q3FY19. Its working capital days stretched by 11 days YoY to 87 days whereas, net D/E was at 0.77 in Q3FY18 against 0.69 in Q3FY18. But we remain positive on GIL as the share of organised plywood players (currently 30% of plywood market) is set to expand with GST rate cut, higher brand aspirations & GILs strong brand presence. Going ahead, the management also expects double digit growth in the plywood division in the next two to three years

Financial: Company had reported a Revenue of Rs 463 cr in Q3FY19 Vs Rs 339.3 cr in Q3FY18 up 15.9%, Net profit of Rs 35.7 cr in Q3FY19 vs Rs 36.1 cr in Q3FY18 down 1%, whereas EBITDA stands at Rs 58.3 cr in Q3FY19 vs Rs 62.7 cr in Q3FY18 down 6.9% and EBITDA margin down by 309bps to 12.6% in Q3FY19 vs 15.7% in Q3FY18.

Eicher Motors Ltd. (NSE: EICHERMOT) (Share Price: Rs.20980): Potential Buy

Valuation: Fairly-Valued stock with TTM PE of 28x.

Reasons to consider: Eicher Motors Limited is a parent of Royal Enfiled that offers middleweight motorcycles in India. Royal Enfield operates in India, and over 40 countries around the world. Company has been reporting subdued performance. Consolidated revenues for Q3FY19 were at 2,341 crore up 3.4% YoY. EBITDA came in at 680 crore down 5.4% YoY & EBITDA margins at 29.0% down 270 bps YoY with PAT in Q3FY19 was down 1.3% YoY to 533 crore.

Key Drivers: Royal Enfield motorcycles in the past year have witnessed multiple headwinds which includes increase in cost of ownership of 2-W due to increase in the insurance cost of 2W, loss of production due to labour strike at one of its plants near Chennai (28000 units). All this has leads to subdued demand for RE. Eicher motors is also a prominent player in the domestic CV space through its JV with Volvo. As on dec 2018, total sales volume at the CV unit has grown at 17% YoY to 58,000 units. Muted demand prospects at RE as well muted margin in the VECV business unit will impact earnings in near term. With recent change in management as Vinod K. Dasar appoints as CEO and post correction stock looks attractive on valuation front.

Financial: Company had reported a Revenue of Rs 2341 cr in Q3FY19 Vs Rs 2264 cr in Q3FY18 up 3.4%, Net profit of Rs 533 cr in Q3FY19 vs Rs 539 cr in Q3FY18 down 1.3%, whereas EBITDA stands at Rs 680 cr in Q3FY19 vs Rs 718 cr in Q3FY18 down 5.4% and EBITDA margin down by 270bps to 29% in Q3FY19 vs 31.7% in Q3FY18.

Bajaj Finance Ltd. (NSE: BAJFINANCE) (Share Price: Rs.3047): Potential Buy

Valuation: Over-Valued stock with TTM P/BV of 9.8x.

Reasons to consider: Bajaj Finance Limited (BFL) is a non-banking finance company (NBFC). It is one of the largest retail asset financing company. The Company is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services. Its consumer lending products include two-wheelers and three-wheelers finance, consumer durables finance, digital products finance, retailer finance, salaried personal loans, e-commerce consumer finance, e-commerce seller finance and home loan. Its SME lending products include loan against property and business loans. Its commercial lending products include loan against securities and financial institutions group lending business.

Key Drivers: Company has posted robust performance in a tough environment. It has seen robust loan growth during Q3, where its assets book grew strong 41 percent YoY to Rs 109,930 crore. Loan growth was contributed mainly by consumer lending and mortgages. The growth in securities lending was muted while robust growth in rural lending continued. Management has always guided a loan growth rate of 20-25 percent but it has been consistently beating the guidance. Despite the cost of funds moving up, BFLs margins improved in Q3. BFL always traded at premium valuations due to its higher earnings growth trajectory. Currently, BFL stock is trading at FY20 estimated P/B ratio of 6.3 which is significant premium to its peers. One should look out for any price correction as an opportunity to buy into the stock.

Financial: Its annouces Q3 result where, Net interest income stood at Rs 3201 cr in Q3FY19 vs Rs 2192 cr in Q3FY18. Whereas, AUM grews to Rs 109930 cr in Q3FY19 up 40.9% vs Rs 78033 cr in Q3FY18 YoY with Steady asset quality. Net profit up 53.6% to Rs 1060 cr Vs Rs 690 cr YoY and NIM stood at 11.3% YoY.

Tata Motors Ltd (NSE: TATAMOTORS)(Share Price : Rs.185): Potential Buy

Valuation: Under-Valued stock with negative earnings.

Reasons to avoid: Tata Motors Limited is an automobile company. Tata Motors owns iconic brands Jaguar and Land Rover, while offering a broad product line of all types of commercial and passenger vehicles, sports utility vehicles, luxury passenger, large semi-trucks. Companys hold 45% of market share of commercial vehicle in india. Auto sector has faced the slowdown in india market where the inventory pile-up at dealers location was high in second half due to low demand, liquidity stress and higher fuel prices but TML has been an outperformer compare to its peers and gaining market share in domestic passenger and commercial vehicle segment where market share in CV was up 60 bps while PV was up 50 bps.

Key Drivers: TML Outperform the peers and gained the market share in domestic market. Company (PV) segment continues to outperform the industry with the new products driving the growth and Continued strong profitability in CV, EBITDA stable despite challenging market conditions are positive. In the domestic market M&HCV trucks de-grew 15%, ILCV trucks +8%, SCV & Pick Ups +15% and CV Passenger -16%. PV was up 3% with new products continuing to gain strong traction in the market. In fiscal year 2019 so far has been a challenging period for the industry. Despite the muted growth, Tata Motors has delivered strong results, registered an impressive profitable growth this year on the back of exciting products, renewed brand positioning and aggressive cost reduction. TML numbers has been good on standlone basis by gaining market share in domestic market. Considering the china slowdown, drop in JLR sales and the highest ever quarterly loss posted by TML due to one time asset impairment the stock has already corrected substantially from 52-wk high. But gaining market share in domestic market is positive sign and given the stock price already factored the china slowdown and weak JLR sales number. Currently stock looks attractive at these price.

Financial: Total Revenue was Rs 77,001 cr in Q3FY19 vs Rs 73,366 cr in Q3FY18 up 5%. Net Profit was Rs(26,993) cr in Q3FY19 vs Rs 1199 cr in Q3FY18 while Ebitda was Rs 6,545 cr in Q3FY19 vs Rs 7,924 cr in Q3FY18 down 18% and Ebitda margins were 8.5% in Q3FY19 compare to 10.8% in Q3FY18 down 230bps. As there was an loss in this quarter EPS will not be comparable.