CLGT's volumes grew 12% YoY (est. of +10%) in 3QFY18. Net sales grew 18.2% YoY to INR10.8b (est. of INR9.8b), while EBITDA was up 31.9% YoY (est. of +18.5%) to INR2.8b. Adj. PAT grew 33.5% YoY (est. of +17.2%) to INR1.7b. Market share shrunk in toothpaste category by 170bp YoY (-30bp QoQ) to 53.7% and in toothbrush category by 190bp YoY (-40bp QoQ) to 45.1%. Gross margin continued to expand (+130bp YoY to 65.2% v/s est. of 64.2%). High ad spends (+210bp YoY to 11.7%) were entirely offset by a sharp decrease in other expenses (-340bp YoY to 18.9%) and lower staff cost (-20bp YoY to 7.3%). Thus, the EBITDA margin expanded 290bp YoY to 27.3% (est. of 25.8%). Nine-month performance:Sales, EBITDA and adj. PAT grew 5.3%, 14.9% and 11.4%, respectively. Gross and EBITDA margin expanded 100bp YoY (to 64%) and 220bp YoY (to 26%), respectively.