A top-line growth of 5.9% could be attributed to a remarkable 8.2% volume growth in the domestic market but was restricted by a dip in CSD sales and in IB. Despite YoY increase in LLP prices, GM grew due to better sales mix. However, EBITDA margins dipped 10bps as a rise in GM was completely offset by 240/90/40bps increase in A&P;/employee/other expenses. We believe the volume base is very favorable which will enhance performance Q4FY18 onwards. Further, higher volume growth would present an opportunity to take price hikes in the near term. We have marginally tweaked...