The revenues (conso) grew by 14% YoY to ` 13.4bn, came in-line with our estimate. Standalone revenues were up 13.6% at ` 11.9bn (implied volume growth of ~10%) and subsidiary business witnessed 17.2% YoY rise in revenues. Primary analysis implies better volume growth compared to APL (~7-8%) and Nerolac (double-digit). EBITDA grew by 21.3% YoY at ` 2.2bn, while EBITDA margins remained expanded by 100bps YoY to 16.6% benefiting from 50/30/30bps dip in other expense/employee cost/RM. APAT rose 19.5%...