Topline was significantly below estimates as jewellery sales were impacted by a short wedding season and a sudden rise in gold prices; watches sales remained subdued EBITDA growth was higher than our/street estimates due to lower operating expenses Reported PAT was impacted by one-off expenses related to VRS; however, adjusted PAT growth was above our/consensus estimates Key highlights: Net sales rose 4% yoy to Rs 27.8bn vs. our/consensus growth estimates of 17%/15%. Gold prices rose 10% yoy. Jewellery grammage increased by 6% yoy and watches volumes grew 1% yoy. Studded share in jewellery fell sharply by 500bps yoy to 24% because...