For 2QFY2016, Radico Khaitan (RKL)s results have come in above our estimates. The companys top-line grew by 2% yoy, mainly due to growth in Prestige and above products segment. On the operating front, the company reported margin expansion, primarily on account of lower selling & distribution and other expenses. Further, on the bottom-line front, the company reported a healthy growth due to strong operating performance and lower interest cost. Regular & others products segment de-grew which restricted overall top-line growth but Healthy volume growth in Prestige & above products segment: For the quarter, RKLs top-line grew by ~2% yoy to ~Rs370cr (our estimate was of ~ Rs364cr), mainly due to healthy volume growth in Prestige and above products segment (up ~8.5%). Prestige and above brands contribution to total Indian made foreign liquor (IMFL) volumes increased from 21.2% in 2QFY2015 to 24.7% in 2QFY2016. However, de-growth in Regular & others products segment which contribute more than 75% of total sales, restricted the overall top-line growth of the company. The company is continuously focusing on the Premium products segment to increase sales which is a high margin business. PAT grew ~25% yoy: The reported net profit for the quarter grew by 25%...