UNSP's standalone net sales fell 3.7% YoY to INR19.5b, with a 15.9% YoY decline (est. of -7%) in overall volumes. Management attributed the decline in sales to the highway ban and the one-off impact of operating model changes. Management expects the highway ban impact to normalize by end-3QFY18. Prestige & Above (63% of net sales) volumes rose 2.2% YoY (sales up 10%), while Popular volumes declined 28.2% YoY (sales down 22%). Performance excluding the one-off impact of operating model changes: Underlying net sales increased 4% YoY. Prestige & Above sales were up 12%...