Sharply cut estimates; retain Hold: RAI’s Q4FY2019 results significantly missedestimates. Weak OEM demand and pricing pressures from OEM would impact earnings. We have cut our earnings estimates for FY2020 by ~20% to factor in the same. We have also introduced FY2021 earnings estimates in this note and roll over our multiple on FY2021 earnings. We retain Hold rating on the stock with revised PT of Rs 70.