Sales grew by 8% to Rs10.7bn, marginally lower than expectation owing to weak SSG of 5%. EBITDA declined by 5%, below our expectation by 3%, due to steep 28% increase in other overheads, led by higher marketing spends. Overall SSG at 5% was affected by weak 1% SSG in Central due to reduction in EOSS from 10 weeks to 4 weeks. Brand Factory reported strong 14% SSG. The company has raised Rs1.7bn through preferential issue to L Catterton Asia by issuing 3.8mn shares at a price of Rs445 each (2% equity dilution). Strategic investment by L...