Marico Kayas (Kaya) 4QFY15 revenue and PAT were inline with our estimates. Despite sluggish macro environment, Kaya India SSG grew by a robust 12% along with 5% YoY growth in customer count. By adding 8 new clinics in 4Q, the company reached its target of 100 clinics in India in FY15. The company also added 7 KSB (taking its total to 14). However, new clinic addition will be margin dilutive as evident in EBITDA margin (India) contraction of 100bps YoY to 6%.