Marico's 3QFY18 sales grew 15.1% YoY to INR16.2b (est. of INR16.1b). Domestic volume growth stood at 9.4% YoY (est. of +12%), while overall volume growth was 7% YoY. Domestic revenue grew 19% YoY, while reported international revenue increased 1% YoY (+9% on a constant currency basis). Consol. gross margin contracted 540bp YoY to 46.5%, mainly as copra costs were up 91% YoY. EBITDA increased 10.7% YoY to INR3b (est. of INR2.9b), with the margin shrinking 70bp YoY (est. of -100bp) to 18.6%. Adj. PAT rose 16.5% YoY to INR2.2b (est. of INR2.1b)