Revenue rose 23.7% YoY toINR85.6b (in -line) in 4QFY18. Realizations were flat YoY/QoQ at INR42.8k (in-line) due to price hikes. While the gross margin was in line at 32.4%, higher other expenses (due to higher marketing spends) led to a miss on the EBITDA margin (16% v/s estimate of 16.7%). PAT grew 35% YoY to INR9.7b(est. of INR9.8), led by higher other income. For FY18, revenue grew 13.1%to INR322b (with volume growth of 13.9% and realization decline of 0.7%), EBITDA margin was flat at 16.4% and PAT increased 9.5% to INR36.9b. HMCL announced a dividend of I NR95/share for FY18 (v/s INR85 for FY17)