In Q1FY18, CEAT reported consolidated gross sales of INR 16,286 Mn which (was broadly in-line with our estimates of INR 16,113 Mn) remained flat Y-o-Y and Q-o-Q. Top line growth of the company was impacted by de-stocking of inventory by dealers on anticipation of GST. The consolidated EBIDTA stood at INR 547 Mn which (decreased 70.5% Y-o-Y and 58.7% Q-o-Q) reported below our estimate of INR 1,466 Mn. EBITDA margins came in at 3.4% (declined 791bps Y-o-Y and 479bps Q-o-Q) on account of increase in natural rubber prices which led...