23 October 2018 Volumes grew 15% YoY (+17% QoQ) to 1.1m units. Realizations increased 7.1% YoY (-2.2% QoQ) to INR45.9k (our classification of certain interest income from other income to revenues boosted revenue/EBITDA. EBITDA margin expanded 90bp QoQ (our of 40bp QoQ), operating leverage and other income restatement to EBITDA (~20bp). Adj. PAT declined ~1% YoY (+44% QoQ) to INR2.1b (in-line). For 1HFY19, revenue/EBITDA/PAT grew 22.7%/30.5%/4.5%, implying growth of 24.1%/44.