EBITDA grew 24% YoY to | 116 crore (our estimate: | 113 crore). This was due to gross margin expansion of 70 bps YoY. Higher margins were despite higher proportion of traded goods for the quarter. We believe higher margins were on account of improving utilisation. Employee expenses grew muted at 5.8% YoY. Accordingly, EBITDA margins came in at 15.4% (14% in Q1FY18, 15.1% in Q4FY18). We expected margins of 15.1% for the quarter PAT came in at | 80.9 crore, up 25.8% YoY primarily due to higher...