Gross margin contracted slightly by 20bps to 54%. A 20bps rise in RM and 140bps increase in staff costs was completely mitigated by 160bps decline in other expenses and led to flat EBITDA margins at 14.6%. This can be attributed to better product mix and cost efficiencies. EBITDA jumped by 16.9% YoY to ` 829mn- came below our estimates. APAT increased by 23% YoY to ` 460mn came in line with estimates. Recent cut in GST rate on footwear priced between ` 500 to ` 1,000 from 18% to 5% is expected to result in better demand for Relaxo's products going ahead....