EBITDA margin of 18.1% were higher than our estimates of 11.5%. Similarly, PAT of Rs317mn, +11.2% YoY, was higher than our estimates. We maintain our CY17E/18E estimates and TP (Rs1,179, 17x CY18E EPS+ CCE of Rs267/sh) and our rating of HOLD. Key Highlights and Investment Rationale India and other regions to fill the gap All players have seen the reversal patterns with the re-stocking happening in the channels which had got impacted during the last quarter due to the implementation...