Results a mix bag Revenue significantly ahead of estimate up 43% yoy to Rs 34.2bn due to favorable base and activation. EBITDA margin was down 80bps yoy at 7.9%. APAT up 8.6% yoy to Rs 2bn, impacted by lower other income and higher tax rate. Studded share stood 34% for Q4FY17, flat yoy. Gross margin declined by 230bps mainly on account of higher promotional offers. Gold grammage grew 37% yoy and jewellery revenues grew 55% yoy to Rs 28.6bn. would drive demand for jewellery and watches segment. Early sign of the same are visible. While we upgrade our revenue estimate by 6%/8% for FY18E/FY19E, our earnings...