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Steady performance with consistent volume growth

Consolidated performance

* Consol. sales grew by 10% YoY to INR35.5b (est. INR35.2b).

* Underlying volume growth (UVG) remained strong at 10.3% (est. 7%, 9.9% in 1QFY26). UVG was 10.4% for C&B businesses and 9.9% for B2B businesses.

* Consumer & Bazaar (C&B) segment revenue was up 10% YoY at INR28.4b (est.INR27.8b), EBIT grew 11% YoY to INR8.6b (est. INR8.5b), and EBIT margins expanded by 40bp YoY to 30.2%.

* B2B segment revenue rose 8% YoY to INR7.6b (est. INR7.7b), EBIT increased by 11% to INR1.2b (est. INR1.3b), and EBIT margins expanded by 40bp YoY to 15.2%.

* Gross margins expanded by ~70bp YoY to 55% (est. 54.8%).

* Employee expenses rose 8% YoY and other expenses were up by 15% YoY.

* EBITDA margin improved marginally 20bp YoY to 23.9% (est. 24.2%).

* EBITDA grew 11% YoY to INR8.5b (est. INR8.5b).

* PBT was up 8% YoY at INR7.9b (est. INR8.2b).

* Adj. PAT increased 9% YoY to INR5.8b (est. INR6.1b).

* In 1HFY26, net sales/EBITDA/APAT grew by 10%/13%/14%.

International business

* Domestic subsidiaries’ C&B revenue grew 17% YoY and EBITDA grew 41%. Domestic B2B revenue grew 1% YoY, while EBITDA declined 173%.

* Middle East and Africa revenue grew 3% and EBITDA decline 3%. Asia revenue grew 6% and EBITDA grew 4%.

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