Total revenues for Q2FY18 were at Rs40.8bn (est. Rs40bn) were down 8.8% YoY and 15.8% QoQ. Gross margins dipped to 62% lowest since Q1FY17, we expect these to ramp up to ~63.5-64% going forward. PAT was up 20.6% at Rs4.1bn, Adj PAT was up 19.3% YoY while down 33.4% QoQ mainly due to lower other income and substantial increase in depreciation and interest (all one-off). Given domestic business has significantly normalized and only price related pain in the US market (~USD2-3mn) we expect the balance year to pan out better. Given most of the regions supporting growth, improvement in the sales mix to...