CSTRL's 1QCY18 revenue grew 5% YoY (but declined 4% QoQ) to INR9.3b,ahead of our estimate of INR9.1b, led by (a) higher volumes at 51.5m liters(+3% YoY, -5% QoQ; our estimate was 51.2m liters), and (b) better realizations at INR180.4/liter (+2% YoY, +1% QoQ; our estimate was INR177/liter). It took price hikes to pass on the increase in raw material cost (up 3% QoQ). Reported EBITDA of INR2.7b (+4% YoY, -11% QoQ) was also above our estimate of INR2.6b, aided by lower than expected raw material cost of INR83.4/liter (+4% YoY, +2% QoQ; our estimate was INR83.6/liter). EBITDA margin was29.6% in 1QCY18 (29.8% in 1QCY17; 31.6% in 4QCY17).