Reported 3QCY17 net sales grew 7.9% YoY (9.1% YoY comparable growth due to GST accounting) to INR25b. Management stated that sales growth was volume-led across all product groups. EBITDA grew 19.2% YoY (est. of -5%) to INR5.8b. Adj. PAT increased 17.8% YoY (est. of -7.5% YoY) to INR3.5b. EBITDA margin expanded 220bp YoY: Gross margin contraction was lower than expected (-100bp to 56.6% v/s est. of -150bp). Staff costs rose 20bp YoY. However, the impact of higher material and staff costs was offset by a sharp decline of 340bp YoY in other expenses. EBITDA margin thus expanded 220bp...