24 May 2018 4QFY18 sales declined ~2% YoY (+6% QoQ) to INR7.5b (est. Other income came in lower at INR183m v/s INR351m in 4QFY17. EBITDA rose significantly by ~33% YoY to INR1.5b, primarily due to a lower base (4QFY17 was impacted by regulatory issues). EBITDA margin stood at 20.7% (+540bp YoY). Adj. PAT rose ~21% YoY to INR1.1b, led by operational leverage. Although revenues declined marginally, adjusting for GST impact and prior-year disposals, revenue growth was in double-digits with strong volume growth. Margin improvement of 540bp YoY is primarily due to a lower base, which was impacted by regulatory issues and price erosion.