6 May 2019 Domestic revenue increased ~6% YoY, led by volume growth of 8% YoY. (+160bp YoY to 9.5% of sales) and employee expenses (+30bp YoY to 7.3%) restricted EBITDA margin expansion to 50bp YoY (17.6% v/s our est. PAT grew 16%, 13% and 14%, respectively. EBITDA margin contracted 50bp YoY to 17.5%. (1) MRCO is targeting 8-10% volume growth in India and double-digit CC growth in international biz. (2) New products as a proportion of sales are likely to double over the next few years. (3) Domestic EBITDA margins are targeted to be over 20% and international margins over 18%. There is no material change to our FY20/21 EPS forecasts, as the outlook remains strong with a likely EPS CAGR of ~21% over the next two years.