SHKL's revenue increased 13.5% YoY to INR2,831m (est. of INR2,551m) in 3QFY18(22% YoY growth post netting off GST from the base quarter). Fragrance business reported growth of 16.5% YoY to INR2,546m, while Flavors business reported de-growth of 8.4% YoY to INR272m. EBITDA rose 46% YoY to INR576m (est. of INR459m post excise adjustment), with the margin expanding by 440bp YoY to 20.3% (est. of 18% post excise adjustment). Gross margin contracted sharply by 600bp YoY to 46.1%, while other expenses declined 180bp YoY to 14.1% of sales. Fragrance PBIT margin came in at 15.5% (v/s 13.6% in 3QFY17), while Flavors PBIT margin stood at 25.5% (v/s 30.8% in 3QFY17). Consequently, adj. PAT grew 33% to INR338m (est. of INR286m post excise adjustment) from INR254m in the year-ago period.