Somany Ceramics' (Somany) sales volumes grew 6% YoY to 11.8 MSM (our expectation: 12.3 MSM) Revenues de-grew 5.8% YoY to | 385.7 crore (our expectation: | 449.6 crore) due to a fall in realisations during the quarter The EBITDA margin contracted 200 bps YoY to 7.5% (our estimate: 8.7%) on account of higher other expenses (25.3% as a percentage of sales in Q3FY18 vs. 22.2% in Q3FY17) Net profit de-grew significantly by 29.1% YoY to | 14.3 crore (our...