6 August 2018 ICNTs revenue increased 5.8% YoY to INR4,569m (est. EBITDA margin shrank 110bp YoY to 14% (est. of 14.7%), as employee expense increased 60bp YoY to 7.1% of net sales and other expenses rose 50bp YoY to 24.1% of net sales. Gross margin was flat YoY at 49.9%. EBITDA declined marginally by 2% YoY to INR641m (in-line). Adj. PAT declined 10% YoY to INR288m (est. of INR309m) in 1QFY19, primarily on account of a higher-than-anticipated tax rate of 38.9%, as against 35.