Domestic business performance improved; IB was laggard A top-line growth of 9.5% could be attributed to a satisfactory 8.7% volume growth (on case basis) but was restricted by poor IB performance. Despite 20% YoY increase in LLP prices, GM improved 150bps driven by better sales mix. EBITDA margins also expanded by 50bps as GM expansion and 150bps decline in other expense was partially offset by 140/100bps increase in employee cost/A&P; spends during the quarter. We believe that favourable volume base will enhance performance going ahead. Further improvement in wholesale and CSD channels...