Net sales grew 23.1% YoY (est. of +7%) to INR12.8b in 2QFY18. Despite the highway ban, volume rose 11% YoY (est. of flat volume) v/s 5% growth for the industry another quarter of market share gains for UBBL. The company has now gained share in both FY17 and 1HFY18. Most markets in the country saw positive momentum, barring Maharashtra, West Bengal and Kerala. Gross margin shrunk 10bp YoY to 54.1% in 2QFY18. EBITDA margin expanded 570bp YoY to 17.4% in 2QFY18. Staff costs reduced by 60bp YoY and other expenses declined by 520bp YoY, likely led by strong operating leverage. 2Q is...