Jyothy Laboratories reported a disappointing set of numbers, significantly below our estimates. The pressure in the trade channel and heavy de-stocking ahead of GST implementation impacted the performance of the company. General trade, contributing 79% to the total trade channel (35% of GT is wholesale) witnessed 18% QoQ decline. Additionally, CSD had no billing for June Thus, it reported 15.0% YoY decline in net sales (volume decline of 17% YoY) to | 373.8 crore, 8.6% lower than our estimate of | 408.8...