Marginally ahead of our estimates, Britannia Industries has delivered an impressive set of numbers for 3QFY18. While net sales grew by 13% YoY to Rs25.6bn (vs. our estimate of Rs25.1bn), net profit increased by 19.6% YoY to Rs2.63bn (vs. our estimate of Rs2.6bn). Volume growth in the core business came in at an impressive 11% YoY. EBITDA grew by 31% YoY to Rs3.9bn, 14% higher than our estimate of Rs3.4bn, mainly on the back of lower input cost. Other income declined by 17% YoY to Rs451mn due to lower yields on investments. We continue to be optimistic on Britannia's growth trajectory in coming years on the back of strong management bandwidth, increased distribution reach, superior product-mix, higher...