14 February 2018 Domestic sales grew by 12% YoY, driven by higher volumes. Export sales were flat YoY at INR1.9b due to lower exports to Bangladesh and the UAE. EBITDA however, shrank 360bp YoY to 21.2% due to a sharp increase in other expenses, largely on account of step-up in demand-generating activities, including on new products. PAT were up 12.8%, 23% and 27.5% YoY, respectively. Reported domestic sales grew 10.9% YoY, while exports increased 6.9% YoY. Gross margin expanded 260bp YoY to 59.4%, while the EBITDA margin improved 200bp YoY to 24.2%.