Vardhman Textiles Ltd (VTL), for Q4FY18, on a consolidated basis, reported EBITDA margin expansion of 45bps YoY (up 359bps QoQ) to 17.2%, in-line with our expectation. Margin expansion was aided by lower raw material cost (down 269bps to 51% of sales). Revenue declined by 5% to 1,510 crore, on the back of lower sales volume (Yarn down 6% to 50,110 tonne and grey & processed fabric down 7% to 730 lakh metres). Net profit grew 3% to 164 crore. Management View: Maintained long term EBITDA margin guidance of 18-22%. Recommendation: Since our Q3FY18 result update (6 Mar'18 @ 1,309, Rating...