Cox and Kings' (C&K;) results are not directly comparable with our estimates due to adoption of new accounting standard Ind-AS. During the quarter, the company reported gross sales (including cost of tours) of | 2,557.8 crore. Excluding cost of tours, net sales declined 13.7% YoY to | 590.0 crore (below I-direct estimate of | 744.2 crore) mainly due to 14.0% YoY reduction in GBP vs. INR The decline in revenue was mainly led by a decline in education...