11.6% (est. of 9%) in 2QFY18, led by a decline of 80bp YoY in employee expenses (to 10.5% of net sales) and of 260bp in other expenses (to 11.1%). EBITDA rose 108% YoY to INR1,409m (est. of INR1,069m). Consequently, adj. PAT increased 104.8% YoY to INR822m (est. of INR657m). Growth captured in 1HFY18, 2H to remain subdued: The domestic tractor industry witnessed growth of 21.3% YoY in 1HFY18, and is expected to grow ~12% on a full-year basis, leaving no room for significant growth in 2HFY18. ESC too witnessed 31.5% YoY growth in tractor volumes in 2QFY18 due to...