PARAG's 1QFY17 consolidated sales grew 3% YoY to INR3.8b led by Fresh milk growth of 25% and Milk products sales growth of 5% (with around 4% volume growth). SMP sales declined 14% YoY and others segment sales declined by 79%. EBITDA grew 16% YoY to INR330m while PAT grew 54% YoY to INR108m. Sharp gross margin expansion: Gross margins expanded sharply by 420bp YoY to 29.9% aided by improving product mix and utilization of lower cost raw materials of the previous quarter. Increase in employee costs (up 90bp YoY to 4.6%) and higher other expenses (up 230bp YoY to 16.7%) led to EBITDA...