PIDI's 3QFY18 reported consol. net sales grew 15.6% YoY to INR15.4b. Underlying standalone volume & mix growth stood at 22%, with 23% volume & mix growth in Consumer & Bazaar. Consol. EBITDA rose 29.2% YoY to INR3.7b (est. of INR3.3b), while adj . PAT grew 17.3% YoY to INR 2.4b (est. of INR2.2b). Consol. gross margin expanded 20bp YoY to 53.4%, while comparable gross margin shrunk ~100bp YoY. PIDI witnessed signs of commodity cost inflation. Lower staff costs (-110bp YoY to 11.3%) and other expenses (-120bp YoY to 18.1%) led to EBITDA margin expansion of 250bp YoY to 24% (est. of 22%). Consolidated segmental performance: Reported Consumer Bazaar segment revenues were up 7% YoY to INR13b, with segmental EBIT growing 24.1% YoY to INR3.7b. Segmental EBIT margin expanded sharply up by 380bp YoY to 27.9%. Reported Industrial segment revenue grew by 12.3% to INR2.5b, with segmental margin expanding 190bp YoY to 16.9%.