to lower-than-estimated revenue of INR83.6b (est. of ~INR87b; +7% YoY). While gross margin of 31.9% (-160bp YoY, -40bp QoQ) was in-line, lower other expenses (due to GST accounting and lower CSR) boosted EBITDA margin by 110bp QoQ (-20bp YoY). EBITDA grew 6% YoY (+12% QoQ) to ~INR14.6b (est. of INR14.2b). However, lower other income and higher tax resulted in flat PAT of INR10.1b (in-line). Earning call highlights: a) HMCL indicated healthy volume growth in urban and rural markets, with similar growth since 2QFY18. b) HMCL witnessed...