17 October 2018 grew 23 % YoY to INR22b, ahead of our estimate of INR19.6b. Gross margin shrank 400bp YoY to 38.3 %. EBITDA, adjusted for forex gain of INR47m, stood at INR2.6b (+1.7 % YoY), marginally ahead of our estimate. Ad spend increased to INR0.7b (3.4 % of sales v/s 3 % in 2QFY18), while employee costs rose 26 % YoY to INR2.0b. Adj. PAT of INR1.7b (+3.1 % YoY) was marginally above our estimate.