Largely in-line performance: Revenue grew 13% YoY to INR6,555m (our estimate: INR6,588m). EBITDA increased 15% YoY to INR2,333m (our estimate: INR2,306m), with the margin expanding 60bp YoY to 35.6% (our estimate: 35%) led by operating leverage. Adj. PAT was up 9% YoY to INR2,289m (our estimate: INR2,367m). Non-cotton business drives revenues: Cotton revenue grew only 7% YoY to INR4,051m, despite volume growth of 13% YoY to 6.6m packets, due to lower realizations (-5% YoY to INR609/packet). Management expects volume...