For 2QFY2018, sales came in at `6,590cr (`7,118cr expected) v/s. `7,764cr in 2QFY2017, a yoy de-growth of 15.1%, following a decline in US sales (which was impacted on the back of pricing pressures and base effect). On operating front, the EBITDA margins came in at 20.0% as expected v/s. 34.3% in 2QFY2017, mainly on the back of lower sales during the quarter and base effect. Thus, Adj. net profit came in at `1,002cr V/s `2,471cr in 2QFY2017, a yoy dip of 59.5%. The management has maintained top-line guidance of high-single-digit decline in FY2018; EBITDA margin guidance is also maintained at 20-22% for 2HFY18. We maintain our BUY.

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