PARAG's net sales grew 6.7% YoY (est. of +10%) to INR5b in 2QFY18. EBITDA increased 48% YoY (est. of +10%) to INR500m. Adj. PAT grew 94.5% YoY to INR249m (est. of INR189m). This quarter's revenue also includes INR86m of mega-project incentives for two months. Milk products, Fresh milk, SMP and Others witnessed sales growth of 5.5%, 3.9%, 22.3% and 3.6%, respectively. Ghee and consumer cheese business saw good growth, while Institutional cheese and butter affected the Consumer products business. Gross margins contracted 30bp YoY to 28.1%. Lower other expenses (-330bp...