issues. However, TMX was able to recover INR1b of sales in 2QFY18. Gross margin shrunk 100bp YoY to 43.7%. EBITDA grew 11% YoY to INR0.9b (est. of INR0.8b), and the operating margin improved 90bp YoY to 10.0% (est. of 8.7%), led by a reduction in other expenses (-290bp YoY to 20.6%). Adj. net profit declined 5% YoY to INR0.6b (est. of INR0.62b), impacted by lower other income, higher interest expense and a higher tax rate. Weak performance at subsidiaries: Subsidiaries' revenue was down 25% YoY to INR1.6b, EBIDTA was down 67% YoY to INR56m, and breakeven at...