Our TP is at Rs 3,115, we maintain NEUTRAL. BRIT reported a modest quarter (no fireworks) with miss on volume growth despite strong new product pipeline. Net revenues grew by 11% (12.5% in 3QFY18) vs. exp. of 12%. Volumes grew by 7% (exp. of 10.5%) with 2% pricing and 2% mix benefit. Co. achieved a 15 quarter high gross margin led by premiumisation and change in business model of bread. EBITDA/APAT grew by 13/14% (vs. exp of 15/16%).