PHNX's revenue declined 4%YoY to INR4,366m (est. of INR4,410m) in 4QFY18 due to reclassification of its subsidiary. Thus, on a like-to-like (L2L) basis, revenue was up 9% YoY toINR4,962m. EBITDA margin expanded 550bp YoY to 49.5% (est. of 48.7%). PAT rose 102% YoY to INR1,037m, higher than our estimate of INR690m due to lower tax and interest. For FY18, revenue fell 11% to INR16.2b (+1% on L2Lbasis), EBITDA margin expanded 150bp to 48% and PAT grew 28% to INR2.6b