8 August 2018 in 3QFY18 (year ending September). The revenue miss can be primarily attributed to the weak performance in Mobility segment (-21% YoY). Adj. net profit rose 26% YoY to INR2.0b (est. 9.8% was marginally below our estimate of 10.1%. Margin expansion of 130bp YoY was led by better cost management (other expenses as a % of sales declined 220bp YoY to 10.1%; INR3.5b).