VRL reported Q2FY18 numbers, marginally below our expectation with de-growth in both trucking as well as the bus segment. Trucking segment was impacted by weak volumes in July 2017 due to GST implementation, while the bus segment was weak due to seasonality. Sales was reported at Rs 4.52 bn (-8% QoQ and flat YoY) with YoY improvement in EBIDTA margin at 12.3% (+120 bps YoY) on the back of improving turnaround time for trucks with removal of interstate check post. Interest cost has further decreased with prepayment of debt in the quarter. Consequently the company has reported PAT of Rs 216 mn (+27% YoY)...