(Ind-AS), with underlying volume growth of 3.6% YoY to 4.98m cases. EBITDA rose 21.9% YoY (est. of +16.3%) to INR564m as operating margins grew 200bp YoY. Adj. PAT increased 25.2% YoY (est. of +22.5%) to INR215m, partly as tax rates declined 440bp YoY to 24%. Gross sales rose 10.6% YoY to INR12.0b, while excise duty increased 15% YoY (excise duty in 1QFY17 was 65%, up 250bp YoY). Overall volumes were up 3.6% YoY to 4.98m cases, partly aided by healthy 25% volume growth in UP after...