24 January 2019 INR4.7b) in 3QFY19, led by volume growth of 6.1% YoY. (16.7% v/s 22.7% in the year-ago period). Staff cost increased marginally by 10bp YoY to 10.6% of sales, while other expenses were flat at 14% of sales. Lower ad spends (-60bp YoY to 5.5% of sales), thus, restricted EBITDA margin contraction to 20bp YoY (16.5% v/s our estimate of 17%).