growth to pick up; high debt remains an overhang Net sales increased marginally by ~2% YoY (-5% QoQ) to INR22.2b (4% miss). EBITDA declined ~11% YoY to INR3.6b (2% beat), with the margin coming in at 16% (-230bp YoY, -740bp QoQ). Employee expenses included annual employee bonus of ~INR1.1b in 2Q. Adjusted for this, EBITDA came in below the previous quarter's level (note that 1QFY18 included Zetia sales with >80% GM). According to management, the improvement in margins...