Net revenues grew by 26.4% YoY to ` 44.0bn came ahead of our estimate. Jewellery business reported a robust 28.5% sales growth mainly led by grammage growth of 24%. The segment benefited from new launches in plain gold jewellery, however, studded jewellery contribution declined from 37% to 35% during the quarter. Consequently, GM and EBITDA margins contracted. We believe the growth in jewellery category would continue, despite unfavorable base benefiting from new store additions and new customer acquisition. Further, Titan, being one of the largest...