Maricos consolidated net revenue grew 2.4% YoY to Rs 13.2bn, lower than forecasts. However, EBITDA/PAT increased by a robust 21%/25% YoY, exceeding our expectations. Domestic revenue (77% of total) recovered after posting a 9% decline in 3QFY17, and clocked 6% growth in 4QFY17. Volume growth of 10% exceeds our expectation of 8%.