Subdued performance on delayed recovery post GST: SHKL's overall revenue declined 9.5% YoY to INR2,219m (est. of INR2,953m) in 2QFY18. The fragrance business reported de-growth of 12.1% YoY to INR1,943m, while the flavor business reported growth of 17% YoY to INR266m. EBITDA margin shrunk 110bp YoY to 16% (est. of 17.7%) in 2QFY18. EBITDA during the quarter declined 16% YoY to INR355m (est. of INR523m). Gross margin improved by a healthy 400bp to 48.4%, offset by a 150bp increase in employee cost and a 360bp rise in other expenses. Consequently, adj. PAT...