On a consolidated basis, Q4FY18 revenues came in at | 2,284 crore (up 6.1% YoY), below our estimate of | 2,362 crore. Revenue from India (adjusting excise duty) increased ~10% YoY to | 2,239 crore (accounting for ~88% of consolidated revenue) while revenue from Mexican operation declined 12% YoY to | 296 crore. Revenue from Cavendish Industries (CIL) was at ~| 453 crore The EBITDA margin was at 14.4% (up 512 bps YoY, 439 bps QoQ) vs. our estimate of 10.3%. Absolute raw material cost remained flat...