HSIL's Q3 operating profit came in ahead of our estimates with EBITDA at Rs1.1bn vs. estimated Rs749mn and OPM at 14.6% against estimated 11.7%, led by strong performance of the packaging segment (OPM up 3.3pp/13.2pp yoy/qoq). Revenue growth of 27% yoy was led by Consumer (+54.7%yoy), Packaging (+29.9%yoy), and Building products (+21%yoy) segments. Revenue growth in the Building products segment was driven by the Pipes category. EBIT margin expanded 130bps yoy/610bps...