We have reduced SOTP TP to Rs 801 (vs. Rs 912) including value for investment in Finolex Cables 4QFY18 was again a muted quarter for Finolex Industries (Finolex); net revenues stood at Rs 8.09bn (-8.8% YoY). Gross margins improved by 777bps YoY to 41.0% due to better PVC-EDC spreads and inventory gains in line with rising crude prices. This drove up EBITDA margins by 311bps YoY to 23.2%.