25 May 2018 to INR21.7b (est. of INR20.1b), with a 2% YoY decline in volumes (est. of -9%) on a base of an 8.2% decline. Underlying* net sales grew 9% YoY. Underlying* net sales of Prestige & Above were up 14% and of Popular rose 2% YoY in 4QFY18. to 48.8%, led by price increases, productivity initiatives, a favorable mix and operating model changes, offsetting the adverse impact of GST. Underlying* gross margin expanded 260bp YoY. High operating costs as % of sales advertising expenses up 200bp YoY to 10.2%, staff costs up 250bp YoY to 8.