Moderate growth with healthy margins: In Q1FY18, standalone sales grew at a moderate 4.4% sequentially and 3.0% YoY to reach Rs. 1970Mn and EBITDA, EBIT & PAT have been quite reflective of the flat growth. Material expenses as % of revenue contracted by 113bps and stood at 37.8% vs 38.9% QoQ. While employee expenses to sales recorded an improvement of 30bps, other expenses as % of sales have eased impressively to 21.0% vs 28.1% QoQ recording an improvement of 712bps.