Maintain BUY with a TP of Rs 5,226 BRITs net revenue in 2QFY18 was up 7.4% at Rs 25.4bn vs. expectation of 10%. EBITDA/APAT up by 11/16%. Domestic business grew by 7%, with ~6% volume growth (in-line). BRITs strong execution has resulted in 8% growth in EBITDA in 1HFY18 vs. Dabur at -4%, Marico at -7% and Emami at -13%. BRIT adapted to GST implementation better than its peers.