Titan's (TTAN) 3QFY18 reported revenue grew 8.3% YoY (est. of +20%)toINR42.7b. EBITDA rose 21.2% YoY to INR4.22b (est. of INR4.40b), while recurring PAT increased 21% YoY to INR2.82b (est. of INR 3.26b). Consolidated segmental performance: a) Jewelry sales were up 8% YoY toINR35.7b (grammage grew 6% YoY), while the segment margin expanded10bp YoY to 10.3% in 3QFY18. b) Watches sales grew 4.5% YoY to INR5.4b,with an EBIT margin improvement of 250bp YoY to 12.8%. Gross margin expanded 130bp YoY to 24.8%. Ad spends grew by 30bp and staff cost by 10bp YoY, while other expenses declined by 20bp YoY. EBITDA margin, thus, expanded 110bp YoY to 9.9% in 3QFY18. Reclassification of cost led to lower other expenses in the quarter.