36.5% YoY. Gross margins expanded by 575bps YoY to 57.0%, which were significantly above our estimate of 51.0%. We believe, gross margins have largely expanded due to benign input costs. EBITDA (D.est: Rs 547mn) de-grew by 34.0% YoY to Rs 1.58bn, with an EBITDA margin of 24.0%. The company has controlled its other expenses and power and fuel costs, down by 38.3% YoY and 33.8% YoY respectively. Tax rate stood at 28.0% against 31.8% against...