30 May 2018 Estimate change TP change Rating change (est. of INR13.7b) in 4QFY18, off a weak base. Volumes grew strongly by 24% YoY (industry vols grew 22%), with continued market share gains. Notably, growth was achieved in 4Q, despite no supply in Bengal due to the lack of clarity on the new excise structure. (benefiting from a favorable state mix and price hikes taken in the year). Strong sales growth meant that employee costs as a percentage of sales were down 50bp YoY to 7.5% and other expenses were down 300bp to 31.2%. Consequently, the EBITDA margin expanded 510bp YoY to 14.2% (est. EBITDA more than doubled YoY to INR2.1b (est.