significantly by ~44% YoY to INR12.9b (v/s est. The strong YoY growth was led by (a) normalization of operations post resolution of warning letter, and (b) opportunities due to slowdown in supplies from Chinese competitors. Superior product mix led gross margins to expand by 29 October 2018 ~330bp YoY (+150bp QoQ) to 63%. In addition, improved operating leverage with higher capacity utilization led EBITDA margin to expand ~890bp YoY to 40%. This is the highest margin recorded by the company in the last 18 quarters. Revenue growth coupled with margin expansion led to ~86% YoY growth in EBITDA to INR5.1b (v/s est. Other income saw forex gains of INR528m against INR106m YoY. PAT stood at INR4b up ~92% YoY at INR8.7b (+66% YoY) and PAT at INR6.