Marico's (MRCO) 4QFY18 sales grew 12.6% YoY to INR14.8b (est. of INR14.6b). Domestic volume growth stood at 1% YoY (est. of +5%), while overall volume growth was 2% YoY. Domestic revenue grew 12% YoY, while reported international revenue grew 13% YoY (+16% on a CC basis). Consol. gross margin contracted 550bp YoY to 46.6%, mainly as copra costs increased 61% YoY. Consol. A&P expenses declined 50bp YoY. Other expenditure declined by 190bp YoY and staff costs by 50bp YoY. EBITDA margin contracted 260bp YoY (est. of -20bp) to 17%