12 August 2018 Sales of INR20.5b (+11% YoY) were above our estimate of INR19.9b. EBITDA rose 17% YoY to INR2.4b (our estimate: INR2.3b), with the margin at 11.3% (+60bp YoY) v/s our estimate of 11.5%. PAT of INR1.8b (flat YoY) was lower than our estimate of INR2.0b on account of lower other income (INR282m v/s our estimate of INR500m). UCP sales declined 2% YoY to INR11.9b due to unseasonal rains across the northern and southern markets. Market share stood at 23.5% (+130bp YoY and +70bp QoQ).