We maintain BUY with SOTP value Rs 844/sh. JMCP 4QFY18 net revenue came in at Rs 7.2bn (+4.7% YoY, +2.3% QoQ) and was 5% below estimates. FY18 revenue came in at Rs 27.6bn vs our expectation of Rs 27.9bn. FY18 APAT came in at Rs 1.1bn (+82.2% YoY) with EBITDA margins of 10.3% (+126bps YoY). Management is confident of sustaining the double digit margins in future.