325bps YoY to 48.15% due to cost optimization. Employee cost was down 162bps YoY and administrative cost was down 164bps YoY. Interest expense Increased by 40bps YoY to 3.5% of sales. On a sequential basis, depreciation cost grew marginally at 5.2% to INR 104mn, which is below our estimate; however, we are positive on the management's intent to accelerate depreciation rate, which will reflect the true economic value of the asset....