Net sales grew 5.1% YoY Rs9,271 mn led by volume growth across categories. EBITDA margin was lower than our estimate and contracted 26bps YoY to 29.6% as price hikes were more than offset by higher base oil prices and rupee depreciation. Nevertheless, the company has hiked prices by 2-4% recently. We marginally cut our CY18 volume estimates on weaker-than-expected Q1CY18...