DABUR's 4QFY18 consol. sales grew 6.2% YoY to INR20.3b (est. of INR20.6b). EBITDA rose 16.2% YoY to INR4.9b (est. of INR4.4b). Adj. PAT increased 18.9% YoY to INR4b (est. of INR3.6b). Comparable domestic FMCG business(70% of revenues) sales grew 10% YoY, led by underlying volume growth of 7.7% (est. of +8.5%). Consol. EBITDA margin expanded 210bp YoY to 23.9% (est. of 21.5%), led by gross margin expansion (+170bp YoY to 50.7%), as well as lower ad spends (-20bp YoY) and staff costs (-10bp YoY). Note that this is the highest-ever EBITDA margin reported by DABUR on both quarterly and full-year basis. Adj. PAT grew 18.9% YoY to INR3.9b (est. of INR3.6b).