MSIL reported 4QFY18 with EBITDA margin at 14.2% (+30bps YoY, -150bps QoQ). Topline at INR 206bn (+14% YoY, +9% QoQ), in-line JMFe, was driven by 11% YoY volume growth and 3% expansion in realisation on healthy sales mix and lower discounts. Although EBITDA margin remained almost flat YoY, a steep sequential increase in other expenses due to bunching-up of multiple headwinds led to 150bps decline in margin in 4QFY18. With no material price hike taken during CY18, we expect some announcement going forward to offset commodity and exchange rate pressure. SMG production has reached an annualised rate of 230K units (93% utilisation). Rural segment is witnessing healthy 15% volume...