Bajaj Corp has reported an encouraging set of numbers in 2QFY18, especially on the volume front. Its overall volume grew by 5.1% YoY, while the flagship Almond Drops Hair Oil (ADHO) volume grew by 6.5% YoY, marking the highest growth in the past 8 quarters. While net sales grew by 3.7% YoY to Rs2bn, EBITDA and net profit declined by 13% YoY to Rs583mn and Rs507mn respectively, which can be attributed to higher A&P; and employee cost. Looking ahead, we expect the growth momentum to improve on the back of major recovery in rural demand post normal monsoon, stabilisation of trade post GST roll-out, increased focus on direct distribution and return of pricing power. Expecting 10.6% revenue and 11.2% earnings...