Gross revenue for the quarter declined 4.1% YoY to | 561.9 crore, inline with our estimate of | 572.4 crore. The company reported 6.0% YoY decline in cigarette volumes ahead of GST implementation. Unmanufactured tobacco sales declined 45.9% YoY to | 46.0 crore (base quarter revenue included one-time order) Due to a volume decline, the excise duty for the quarter increased only 4.4% YoY. Led by lower revenue, EBITDA witnessed a decline of 2.4% YoY to | 65.3 crore, broadly in line with our estimate of | 67.3 crore. Thus, EBITDA margin came in at 11.6%, marginal expansion of 22 bps (I-direct estimate: 11.7%, in Ind-As)...