9 February 2019 PHNXs revenues grew 6% YoY to INR4,404m (in line with our est. of INR4,409m), primarily driven by the Retail segment (+7% to INR2,899m). EBITDA margin expanded 90bp YoY to 50.5% (v/s our est. EBITDA stood at INR2,225m, as against our est. We note that other comprehensive income for 9MFY19 includes realized gain of INR622m (INR182m for 3QFY19) on sale of 0.8m equity shares (0.3m for the quarter) of Graphite India. Interest expense stood at INR917m (v/s our est. Consequently, PAT rose 9% YoY to INR708m, higher than our est.