V-Guard recorded flattish revenue in Q1FY18 due to GST related temporary de-stocking by trade leading to a drop in volume. Consumer durable (CD) segments recorded ~9% YoY dip in sales while revenue of other two segments electronics and electricals increased by ~4% each YoY. Geographically, south regions (contributes 62% to sales) recorded ~2.4% YoY dip in sales while non-south regions continued to grow ~8% YoY during Q1FY18 The rise in raw material coupled with a delay in passing on prices...