Q2CY17 results were in-line with our estimates. Revenues were at Rs2.6bn lower by our estimates by 4.6% while Adj PAT was at Rs201mn, 3.2% above our estimate of Rs195mn. EBITDA margin of 10.7% were lower than our estimates of 11.1%, mainly on the back lower gross margins. During Q2CY17, profitability seems to be dented at the pharmaceuticals segment which accounted for 77% of its revenues, while the improvement in the chemicals segment helped to support the overall margins. We maintain our CY17E/18E estimates and TP (Rs1179, 17x CY18E EPS+ CCE of...