Strong gross margins (GM) in 1QFY18 led to overall beat atEBITDA margin and PAT level    GMs are up 500bps qoq despite weak India quarter; Brazilalso lower than expectation; US beat marginal.    Dahej expansion has margin levers but we remain watchful.    Maintain Hold with revised TP of INR1,68 (from INR1,31)

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