For 2QFY2017, sales stood at Rs783cr vs. Rs700cr expected and vs. Rs700cr in
2QFY2016, a yoy growth of 11.8%. On the operating front, the OPM came in at
15.9% vs. 17.2% in 2QFY2016 and vs. 17.0% expected. The company’s OPM
was impacted by other expenses, which grew by 40.5% yoy. Thus, the company
posted an Adj. net profit of Rs98cr vs. Rs101cr in 2QFY2016, a yoy de-growth of
2.9%. We maintain our Neutral rating on the stock.

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