29 October 2018 low base (1% decline in 2QFY18). Net sales grew 7.7% YoY to INR11.7b (our Toothbrush market share declined 40bp QoQ (-130bp YoY) to 44.2% over the same period. PAT grew by 7.1% (with ~5.5% toothpaste volume growth)/16.8%/15.7%. EBITDA margin expanded 230bp YoY to 27.7%. For 2HFY19, we expect sales/EBITDA to increase 5.3%/1% YoY, and adj.