1QFY20 consolidated revenue grew 15.7% YoY to INR51.5b (v/s est. of INR50.7b). EBITDA increased 18.8% YoY to INR5.7b (v/s est. of INR5.3b) and recurring PAT was up 11% YoY to INR3.6b (in-line). Consol. gross margins remained flat YoY to 27.4%. Increase in other expenses as % of sales (+20bp YoY to 7.8%) and staff cost as % of sales (+10bp YoY to 5.5%) was offset by lower ad spends as % of sales (-50bp YoY to 2.9%). Thus, EBITDA margin expanded 30bp YoY to 11.1% in 1QFY20 (v/s est. of 10.3%). Consol. segmental performance: (a) Reported Jewelry sales were up 14.3%...