Over the FY13-17 period Monte Carlo's revenue, EBITDA and PAT have grown at a CAGR of 9.6%, 2.3% and (3.6)% respectively. The EBITDA and PAT margins for the year are low mainly on account of a week Q3FY17 sales on account of demonitisation which accounts for over 60% of the annual revenue which led to the company offering tactical discounts during Q4FY17 to clear their inventory levels. The company is not looking to undertake any CAPEX activity over the next two years and would further look to reduce the number of inventory days. The management has provided a revenue growth guidance of 15-18% for FY18E on the back of a strong...