UNSP posted standalone net sales decline of 7.8% YoY to INR22.6b, with underlying net sales declining by 2% YoY. Underlying net sales for Prestige & Above segment (P&A; 64% of net sales) were down by 1% YoY and for Popular segment (36% of net sales) were down by 2% YoY. Volumes declined 3% and 22% YoY for P&A and Popular, respectively. Gross margin expanded 530bp YoY(-20bp QoQ) to 47.4%, led by price increases, productivity initiatives and operating model changes. Ad spend behind brands was up sharply by 320bp YoY to 11.5% and other expenses rose 210bp YoY. This led to flat EBITDA margin YoY. Excluding the one-off impact, the gross margin expanded 370bp, while the EBITDA margin shrunk 30bp YoY