1QCY18 revenue rose ~12% YoY to INR6.2b (~3.4% miss). Revenue growth adjusted for GST was higher at 16% YoY, partly due to a low base of last year. Gross margin improved ~300bp YoY to 57%, led by a better product mix. EBITDA grew robustly by ~32% YoY to INR1.3b (~3% miss), with the margin expanding ~340bp YoY to 21.8%. This, along with higher other income (by ~42% YoY), led to a significant increase in PAT by ~38% YoY to INR825m (4.4% miss).