decline in sales, dragging growth to some extent. Gross margin (GM) shrank 280bp YoY to 53.5%. However, EBITDA margin expanded 500bp YoY to 18.9% (our estimate: 15.9%), led by a 230bp/560bp YoY reduction in employee/other expenses. Sequentially, both aforementioned expenses were stable, resulting in 280bp expansion in EBITDA margin. Loss in JV/associates hurts PAT: Higher interest cost (INR627m v/s INR501m QoQ/INR455m YoY) was offset by increased other income and extraordinary income (associated with forex gain and revaluation of investment)....