Bata's Q4FY18 results came broadly in line with our estimates. We anticipated lower revenue growth for Bata compared to Relaxo (+18%)and Khadim (+31%) based on our recent channel checks. In addition, margin improvement benefiting from implementation of GST, was in line with our anticipation. Going ahead, we believe that Bata sales growth would remain lower vs peers, mainly due to increased competition, better and economic offerings by peers. Nevertheless, its new offerings in select segments would gain traction. Further, premiumization, implementation and cost saving...