completely written-off after INR460m provision in 4QFY19), (b) the transient inventory valuation impact of INR370 (to be reversed in 1QFY20) and (c) the one-off ex-gratia payment of INR350m EBITDA is up by 29.9% YoY (margin up 100bp YoY to 11.6%, 30bp ahead of estimates) and PAT by 29% YoY. Since these costs are not extraordinary, we continue using the reported numbers in our model. However, the above adjustments indicate that the underlying performance is far healthier than what the numbers are reflecting. Concall highlights: (1) YTD growth (up to 7th May) in Jewelry is ~19% YoY. (2)...