24 May 2018 GRANs 4QFY18 sales rose significantly by ~39% YoY to INR5b (est. Gross margin shrank to 38.5% from 57% in 4QFY17 and 49.1% in 3QFY18, primarily due to higher RM prices, one-time write-off related to obsolete inventory, and product mix change. EBITDA fell ~44% YoY to INR436m (est. of INR760m), with the margin down ~1,300bp YoY to 8.7% due to certain write-offs. Weak operating performance led to a decline in PAT by ~55% YoY to INR204m (est. For FY18, sales, EBITDA and PAT stood at INR16.9b (~18%), INR2.8b (-7%) and INR1.4b (-18%), respectively.