Granules Indias (GRAN) top line declined 4% YoY in 4QFY17, albeit on a high base. The EBITDA margin at 21.8% was up 50bps YoY (93bps miss). PAT stood at Rs 457mn, up ~40%YoY. The profitability boost was on account of the heightened gross margin (~56%, ~950bps expansion YoY), which was mainly on account of the changing product mix. Going ahead, we expect this to normalise to ~50%.