Just Dial (JD) reported 4QFY18 revenues in-line with our estimates. However, EBITDA was below estimates due to a strong sales headcount addition even as a rationalisation of other costs, including advertising and promotion (A&P;), continued. JD has expanded the coldcalling sales team by 23% over the last two quarters to drive penetration in tier 2/3 cities. However, the success has been limited so far; 2.2% YoY net addition in 4Q18 in paid-listings was the lowest ever. We suspect a concurrent attrition in extant client base, especially in the core markets of tier1 cities. We believe it's tightening of the A&P; spend ostensibly to manage margins could hurt in the medium term given the aggressive cash-burn by most of the domain-specific apps. Thus, we maintain our soft revenue growth outlook though the...