For 2QFY2018, sales came in at `3,874cr (`4,000cr expected) v/s. `4,212cr in 2QFY2017, a yoy de-growth of 8.0%. On operating front, the EBITDA margins came in at 20.0% (19.6% expected) v/s. 22.5% in 2QFY2017, mainly on the back of lower than expected sales during the quarter & dip in the gross margins. Thus, the PAT came in at `455cr (`421cr expected) v/s. `662cr in 2QFY2017, a yoy de-growth of 31.3%. Tax rate during the quarter was 25.4% of PBT in 2QFY2017 V/s 19.2% of PBT in 2QFY2017. We maintain our Buy rating on the stock.
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