6 November 2018 Sales grew 37% YoY to INR14.2b, above our estimate of INR11.9b, led by better EMP sales (INR9.0b v/s our estimate of INR6.8b). EBITDA rose 27% YoY to INR1.1b (in-line), with the margin of 7.6% (-60bp YoY) missing our estimate of 9.2% due to weak UCP margins. PAT rose 8.5% YoY to INR1.0b, ahead of our estimate of INR930m, led by higher other income (INR461m v/s our estimate of INR290m) and a lower tax rate (23.2% v/s our estimate of 28.4%). UCP sales grew 8% YoY to INR4.