concerns. However, EBITDA margin at 34.9% (our estimate: 39.6%) was marginally down by 60bp YoY compared to the fall in GM. This is due to lower other expenses (excluding one-offs), down 130bp YoY, and employee cost, down 60bp YoY (as % of sales). Other expenses had one-offs due to 1) Forex loss of INR74m and 2) Considerably higher amount of INR300m towards CSR. EBITDA at INR4.3b (our est. INR5.2b) grew 13% YoY. Adj. PAT at INR3b (our est. INR4b) grew at higher rate of 25% YoY due to lower tax rate for the quarter. For FY19, Sales/EBITDA/PAT at INR49b/INR19b/INR13b grew 26%/48%/55% on YoY basis....