at INR207m (30.7% margin, -7.9pp YoY), below our estimate of INR238m (33.7% margin, -4.9pp YoY). PAT of INR292m (below est. of INR363m) was dragged further lower by other income of INR243m (17% below est.). Volumes finally seeing uptick: Volumes were down 14.0% YoY in 2QFY18. Volumes have been subdued for the last three quarters, dragged mainly by bullion Gold (-39% YoY) and Silver (-34% YoY) due to demonetization and then GST-related uncertainty. Contribution from Gold and Silver combined was 29% of overall volumes (39% in 2QFY17). However, QoQ growth of...