UPLL's revenue grew 6.5% YoY to INR56.9b (est. of INR58.9b). EBITDA margin expanded 30bp YoY to 21.4% (est. of 21.8%), led by gross margin expansion of 90bp YoY to 49%. EBITDA grew 8.2% YoY to INR12,180m (est. of INR12,854m). Adj. PAT fell 9.5% YoY to INR7,650m (est. of INR7,145m) in 4QFY18 due to a significant increase in the tax rate to 17.7% from 7.1% in 4QFY17. For FY18, revenue grew 6.5% YoY to INR173.8b. EBITDA margin expanded 40bp YoY to 20.2% in FY18, led by gross margin expansion of 120bp. Adj. PAT, thus, rose 8% YoY to INR21b.