Supreme Industries (SIL) recorded sales growth of ~7% YoY led by strong revenue growth of 18% and ~20% YoY in packaging and industrial segment, respectively. Piping segment revenue growth at 6% was lower than our estimate mainly due to sharp volume decline (from agriculture segment) due to demonetisation. Contribution of value-added products categories increased from 36.63% to 37.54% in FY17 led by the plastic piping and furniture division Savings in employee expenses (down 80 bps) and change in product...