The Company reported decline in margins by 194bps YoY to 12.0% in 1QFY18 on account of high ESOP cost of Rs113mn and 63bps YoY decline in margin of Electrical Consumer Durable business, which was, however partially off-set by improved margins (+210bps) in lighting products business. Overall segmental EBITDA margins decreased 80bps QoQ in 1QFY18. Revenue from Lighting segment grew by 10.3% YoY with 210bps YoY expansion in margin due to higher sales of CFL and traditional bulbs both in terms of volume and value. However, despite adverse revenue mix CGCEL's cost structure remained stable owing to continued efforts on operational efficiencies. Its net profit declined by 14.1% YoY to Rs803mn in 1QFY18 owing to...