Standalone net sales grew 3.5% YoY to INR22.5b (our est. INR22.6b), with reported volumes growing 1% YoY (our est. 2% decline); underlying volumes were up 2%. Prestige & above volumes grew 7.1% YoY while Popular volumes were down 4.5% YoY (underlying Popular volumes declined 3% YoY). EBITDA grew 2.9% to INR2.8b (our est. INR2.87b). Underlying* EBITDA grew 8% YoY. Adj. PAT declined 29.3% to INR1.31b (our est. INR1.47b). Concall highlights: (1) Management is seeing some recovery in sentiment post elections; it expects the improvement to continue; (2) 10 odd states saw price...