AEPS stood at Rs2.6 v/s our estimate of Rs2.7 Net sales increased by 10.8% yoy to Rs29.4bn (est. Rs29.3bn) and reported EBIDTA increased by 26.3% yoy to Rs2.02bn. Excluding the non-recurring item of Rs48.8mn (provision for employee bonus) and Rs75mn (flood in Chennai), the AEBIDTA stood at Rs2.14bn (est. Rs2.26bn). AEBIDTA margin at 7.3% (REBIDTA margin 6.9%) came lower than our expectation of 7.7% due to higher than expected other expenses. With this, reported PAT increased by 19.4% yoy to Rs1.08bn. However, on adjusting the (1) exceptional item of Rs56.8mn (the provision of bonus for FY15) (2) One off expense of Rs75mn due to expenses...