SMLs 4Q APAT stood at Rs. 156mn (-7% YoY), slightly below expectations. The top-line at Rs 3.7bn ( 16%) was aided by 16% volume growth. EBITDA margin contracted 360bps YoY to 5.3% owing to higher RM cost ( 320bps YoY). In 4Q, the company wrote off Rs 101mn (including a margin loss on sales returns and freight costs etc), which added to RM costs. Excluding this one-off, EBITDA margin stands at 8% vs exp. of 8.5%.