TIME's Q4FY18 revenue increased by 16.4% YoY to Rs9.4bn, ahead of estimate led by robust growth in Value Added Products. VAP has grown at 51% in FY18 to Rs5.6bn and revenue contribution has increased to 18% (from 13% in FY17). Q4FY18 EBITDA increased by 30% YoY to Rs1.46bn ahead of estimate, translating into EBITDA margin of 15.5% (+160bps YoY). PAT at Rs554m is up 29% YoY and in line with estimate. Higher interest cost and tax incidence marginally impacted the bottomline. RoCE improved to 15.0% (vs 14.0% in FY17). India & Overseas revenue split in FY18 was...