The results were above our estimates with a PAT beat of 14%. Revenues at INR283cr (est INR 239cr) increased 23% YoY driven by (i) a one off institutional order which contributed 8% of growth, (ii) core growth of 16%. B2C growth jumped to low double digits from 3% in 4QFY16. Gross margins expanded by 320bp YoY and 90bp QoQ on the back lower raw material costs. EBITDA Margin at 17.1% is up 210bp YoY & 50bp QoQ. EBITDA at INR 48.5cr grew by 41%...