14 February 2019 volume growth of ~12% YoY. In our view and like we also mentioned in our 3QFY19 preview report the company is likely to have benefited from the INR1.53b), while adj. PAT increased 22.2% YoY to INR1b (in-line). EBITDA margin expanded 160bp YoY to 22.4%, led by lower employee costs (-30bp YoY to 15.8% of sales), partly offset by higher other expenses (+20bp YoY to 18.9%). PAT grew 15.5%, 26.1% and 26%, respectively. Overall volumes grew ~7% on a YTD basis.