Asian Granito India (AGIL) has reported a mixed performance in 4QFY18. While its revenue grew by ~18% YoY and ~49% QoQ to Rs3.9bn led by 29% YoY volume growth, its reported EBITDA grew by just 5.4% YoY and 0.4% QoQ to Rs363mn led by higher employee cost owing to addition of new workforce especially in GVT division and revision in gratuity guidelines. Thus, the resultant EBITDA margin declined by 109bps YoY and 445bps QoQ to 9.3%. Despite 15% YoY reduction in interest cost, its net profit remained broadly flat on YoY comparison (+34% QoQ) at Rs172mn. Notably, receivable substantially jumped to Rs4bn (132 days vs. 110 days) mainly led by higher sales in Mar'18, which is to be settled in current quarter. Despite strong volume in FY18, AGIL...